Mortgage demand fell 2.7% last week, marking the lowest level since early 2024 amid rising borrowing costs.
US mortgage applications declined 2.7% to 259.1 for the week ending July 10, extending a downturn as 30-year fixed rates reached their highest level since August 2025. The Purchase Index dropped 7.3%, signaling weakening homebuyer demand.
The prior week saw a 2.2% decline to 266.3, reflecting a broader trend of cooling housing activity. Higher rates have pushed affordability to multi-year lows, dampening refinancing and purchase activity.
No immediate market reaction was reported, though sustained rate increases could further pressure housing sector growth.