Mortgage applications fall 6.4% as 30-year rate hits 6.76%

Mortgage applications decreased 6.4% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending July 24. On an unadjusted basis, the index decreased 6% compared with last week’s data. The refinance index decreased 10% from the previous week and was 2% lower than the same week one year ago. The seasonally adjusted purchase index decreased 4% from one week earlier. The unadjusted purchase index decreased 3% compared with the previous week and was 3% higher than the same week one year ago. “Following last week’s spike in oil prices, mortgage rates moved higher, with the 30-year fixed rate increasing to 6.76%, the highest rate since August 2025,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. “This upward trajectory in rates continues to significantly impact refinance borrowers, with a 10% decline in refinance applications, including a steeper drop in government refinances. Despite housing inventory increasing in certain markets, higher rates have added to ongoing affordability challenges for many homebuyers, which drove the decrease in purchase activity over the week.” ...