Key facts
- Mortgage applications decreased by 6.4% in the week ending July 24.
- The average 30-year fixed mortgage rate rose to 6.76%.
- Refinance mortgage applications fell by 10%.
- Purchase mortgage applications declined by 4%.
- The data reflects the U.S. mortgage market for the week ending July 24.
Mortgage applications across the United States experienced a significant decline of 6.4% for the week concluding on July 24. This downturn was largely attributed to a rise in the average interest rate for a 30-year fixed mortgage, which reached 6.76%. The decrease in overall applications was a result of reduced activity in both refinancing and home purchasing sectors. Specifically, refinance applications saw a substantial drop of 10% week-over-week. Concurrently, purchase mortgage applications, which reflect new home buying activity, also declined, falling by 4% during the same reporting period. This trend suggests a cooling market influenced by higher borrowing costs.