As mortgage rates rise past 7%, demand for mortgage applications has dropped 3.7% following the New Year, highlighting buyer reluctance amid higher borrowing costs.
The 30-year fixed mortgage rate has reached 6.99%, marking the highest level since July 2024, contributing to a slowdown in purchase applications.
Despite higher rates, refinance applications increased marginally, driven by VA refinances, but overall refinance activity remains lower compared to last year.
The share of adjustable-rate mortgages continues to decline, now comprising only 4.7% of total applications, as conventional and government loans see a decrease.
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