Mortgage Applications Drop as 30-Year Rate Hits Near-12-Month High
The Mortgage Bankers Association reported a 2.7% decline in total mortgage applications for the week ending July 10, driven by an increase in the average contract interest rate on conforming 30-year fixed mortgages to 6.65%, its highest level since August 2025. Purchase applications fell 7% compared to the previous week and were down 2% year-over-year.