US EditionWeekly mortgage demand plummets 10%, as rates and economic concerns rise
UNITED STATES, JUL 16 – Mortgage demand fell 10% last week amid rising rates and economic uncertainty, marking the slowest pace since May, the Mortgage Bankers Association reported.
- Last week, the total number of mortgage applications declined by 10% as rising rates and increased economic uncertainties impacted the U.S. housing market.
- The rise in rates followed two weeks of declines, driven partly by renewed fears about tariffs and the economy raising treasury yields.
- Average 30-year fixed mortgage rates increased to 6.75% for jumbo loans and 6.82% for conforming loans, with purchase applications falling to the slowest pace since May.
- Joel Kan, MBA's deputy chief economist, said purchase applications remain sensitive to economic uncertainty and rate volatility, while refinance applications dropped 7% led by VA refinances.
- These trends suggest affordability constraints and cautious buyer demand may keep the 2025 homebuying season on hold amid a broader housing market sales slump.
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Average long-term US mortgage rate rises to 6.75%, second straight uptick
The average rate on a 30-year U.S. mortgage rose for the second week in a row, another setback for the U.S. housing market, which is mired in a sales slump as affordability constraints shut out prospective homebuyers.The long-term rate ticked up to 6.75% from 6.72% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.77%.Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their hom…
·Miami, United States
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Total News Sources27
Leaning Left4Leaning Right1Center16Last UpdatedBias Distribution76% Center
Bias Distribution
- 76% of the sources are Center
76% Center
L 19%
C 76%
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