Key facts
- Mortgage applications fell 2.9% in the week ending July 31.
- The 30-year fixed mortgage rate climbed to 6.81%.
- Both refinance and purchase mortgage activity declined.
- Mortgage application volume is trailing last year's pace.
- United Wholesale Mortgage offers a 90-basis-point discount on loans.
- The UWM promotion is named 'Bullseye 90'.
- The discount applies to a single loan submission of the broker's choice.
- The promotion is valid for conventional and government loans.
- The UWM offer is valid until September 8.
Mortgage application demand experienced a 2.9% dip in the week concluding on July 31, as reported by Mortgage Bankers Association (MBA) data. This decline coincided with an increase in the average 30-year fixed mortgage rate, which surpassed 6.8% to reach 6.81%. Both segments of the mortgage market, refinance and purchase activity, recorded decreases. The overall volume of mortgage applications is currently trailing behind the pace observed during the same period last year.