"Higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week. The pace of refinance applications was at its lowest level since December 2025."
"Overall purchase activity has also been adversely impacted by current conditions; purchase applications were 7% lower on a year-over-year basis, the first annual decline since January 2025."
"Applications for FHA purchase applications were up 5% over the week, supported by the FHA mortgage rate being about 30 basis points lower than the conventional mortgage rate."
"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.51%, down 6 basis points from a week earlier."
Mortgage applications declined due to high rates and economic uncertainty. The 30-year fixed mortgage rate fell to 6.51%, but refinance applications hit a low. Purchase applications dropped 7% year-over-year, marking the first decline since January 2025. Some loan types, like FHA and ARM, performed better due to lower rates. FHA purchase applications increased by 5%. The refinance share of mortgage activity decreased to 44.3%, while ARM activity rose to 8.6%. Average rates for various mortgage types showed slight decreases, except for 15-year fixed-rate mortgages, which saw an increase.
Read at www.housingwire.com
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