Mortgage demand fell for the first time in three weeks despite unchanged 30-year fixed rates, signaling cooling housing activity.
US mortgage applications declined 3.8% to an index level of 269.5 for the week ending June 14, reversing a 10.8% gain in the prior week. The drop marks the first decline in three weeks as borrowing demand weakens amid persistent high rates.
The average 30-year fixed mortgage rate remained unchanged at 6.60%, matching the previous week’s level. The prior week’s surge had followed a brief dip in rates, but demand failed to sustain momentum as affordability constraints linger.
The data suggests a potential slowdown in housing market activity, though rates have yet to show significant movement in either direction.