Updated · Greater Baton Rouge Business Report · Aug 5
US Mortgage Applications Fall 2.9% as 30-Year Rate Hits 6.81%
Updated
Updated · Greater Baton Rouge Business Report · Aug 5
US Mortgage Applications Fall 2.9% as 30-Year Rate Hits 6.81%
3 articles · Updated · Greater Baton Rouge Business Report · Aug 5
Summary
Mortgage Bankers Association data showed total U.S. application volume fell 2.9% last week, slipping below year-earlier levels for the first time since April.
The average 30-year fixed mortgage rate climbed to 6.81%—its highest in more than a year—cutting demand for both home purchases and refinancing.
Purchase applications dropped 4% from the prior week and refinance applications fell 2%, extending the drag from persistently high borrowing costs despite better housing inventory.
Rates have eased somewhat this week, helped by lower oil prices and softer geopolitical tensions, offering limited relief if the decline holds.