Key facts
- The average rate for a 30-year fixed mortgage rose to 6.65%, the highest since August 2025.
- Purchase mortgage applications decreased week-over-week and were lower than the same week last year.
- Refinance mortgage applications increased, driven by FHA and VA loans.
- The share of refinance applications rose to 43.2% of total activity.
- The FHA and VA shares of total applications also increased.
- Mortgage intent, as measured by credit pull activity, rebounded but remained below last year's levels.
Mortgage applications saw a decline in the week ending July 10, 2026, as the average interest rate for a 30-year fixed mortgage climbed to 6.65%, its highest point in nearly a year. This increase in borrowing costs contributed to a decrease in purchase applications, which also fell below the pace seen last year following the July 4th holiday.
Despite the dip in purchase activity, refinance applications rose by 4% from the previous week, marking a 7% increase compared to the same week in the prior year. This surge was primarily fueled by a 9% rise in FHA-backed refinance applications and a 10% increase in VA-backed refinance applications. Consequently, the refinance share of total mortgage activity grew to 43.2% from 40.6% the week before.
The share of FHA loans within total applications increased to 17.7%, and the VA loan share rose to 13.6%. The share for USDA loans remained stable at 0.5%. Rates for jumbo loans also saw an uptick, reaching 6.62%.
Separately, Xactus's Mortgage Intent Index, which tracks credit pull activity, rebounded by over 12% week-over-week to 124.7, recovering from the holiday-shortened previous week. However, this index remained approximately 8.7% below its level from the same week last year, indicating persistent challenges in borrower demand due to elevated mortgage rates and affordability concerns.