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Mortgage applications drop as 30-year rate rises to 6.76%
Refinance applications fell 10% and the refinance share of activity slipped to 39.5% as purchase activity declined 4%.
Mortgage applications fell for the week ending July 24, as higher mortgage rates continued to weigh on both refinancing and new home buying, according to HousingWire citing the Mortgage Bankers Association.
The MBA reported the 30-year fixed rate rose to 6.76%, the highest level since August 2025. On that basis, refinance activity dropped 10% week over week, while the seasonally adjusted purchase index fell 4%.
The report said the unadjusted purchase index decreased 3% versus the prior week, but remained 3% higher than the same week a year earlier. The refinance share of total applications declined to 39.5% from 41.2% the week before.
HousingWire also noted shifts in application mix, with the ARM share rising to 8.1% and the FHA, VA, and USDA shares all moving lower. MBA data showed average contract rates increased across key categories, including 30-year fixed conforming loans at 6.76% and 30-year fixed jumbo loans at 6.70%.