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Mortgage Applications Fall 4.2% as 30-Year Rate Hits 7.49%
Refinance demand fell to its lowest level since 2025 as higher borrowing costs and weaker affordability pushed many buyers out of the market.
- Mortgage rates reached 7.49% last week, the highest level in almost three years, as Treasury rates increased and spreads widened, said Joel Kan, CMB, MBA vice president and deputy chief economist.
- Elevated rates and increased market volatility caused purchase activity to decrease across all loan types, with Federal Housing Administration applications falling 6% amid ongoing affordability challenges.
- Average contract interest rates for 30-year fixed-rate FHA mortgages increased to 7.14% from 6.97%, while 15-year fixed-rate mortgages rose to 6.71% from 6.56%.
- Refinance applications fell to less than half of last year's pace, with the refinance share of total mortgage activity decreasing to 37.0% from 38.3% as borrowers increasingly opt for ARMs.
- The Xactus Mortgage Intent Index fell approximately 5.7% to 102.7, down roughly 21% from the same week last year, suggesting near-term rebound is unlikely amid seasonal declines and elevated rates.
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18 Articles
18 Articles
U.S. mortgage rates increased for the seventh consecutive week
The S&P 500 is nearly six percent below its record, and the Russell 2000 small-cap index is more than ten percent below its August peak.
·Ljubljana, Slovenia
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In the last 12 months mortgage loan applications also fell by 4.2% being one of the lowest
·Los Angeles, United States
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Increased Treasury yields and rate volatility raise fixed mortgages to 30 years in the US to 7.49%, the highest since 2023.Refinancing requests fall to the lowest level since 2025, impacting the real estate market due to high borrowing costs.
·Buenos Aires, Argentina
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Coverage Details
Total News Sources18
Leaning Left2Leaning Right3Center4Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 22%
C 45%
R 33%
Factuality
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