Real Estate
Home›Real Estate›Mortgages›Mortgage applications fall, driven by 30-year rates ab…
Mortgage applications fall, driven by 30-year rates above 7%
The Mortgage Bankers Association said total mortgage application volume slipped 1.5% for the week ending September 18, after a 4.1% decline the prior week.
Mortgage demand stayed subdued as the 30-year fixed rate rose above 7%, according to Mortgage News Daily and data from the Mortgage Bankers Association. For the week ending September 18, total mortgage application volume fell 1.5%, following a 4.1% drop the week before.
Purchase activity was the only area showing relative support, moving sideways for several weeks with purchase applications about 1.0% lower week over week. Refinance demand was weaker, with the Refinance Index declining another 3% and landing 62% below a year earlier, the slowest refinancing pace since February 2025.
Mortgage rates jumped last week, with the 30-year fixed rate at 7.12%, the highest level since May 2024, Mortgage News Daily reported. The higher fixed-rate environment led more borrowers to consider adjustable-rate mortgages, and ARMs accounted for 9.8% of applications.