Weekly mortgage demand plummets 10%, as rates and economic concerns rise

by anastasiakaufman-chime-me

Published Wed, Jul 16 20257:00 AM EDTUpdated Wed, Jul 16 20258:29 AM EDT

By: Diana Olick

Altadena, CA, Wednesday, June 4, 2025 - Victor Becerra surveys his property located next door to a recently sold property on Wapello St. Like most of his neighbors whose homes were destroyed in the Eaton Fire, Becerra is rebuilding and said he is anxious for the neighborhood to "bloom again." (Robert Gauthier/Los Angeles Times via Getty Images)
Victor Becerra surveys his property located next door to a recently sold property on Wapello St. in Altadena, CA on June 4, 2025.Robert Gauthier | Los Angeles Times | Getty Images

Renewed concerns over tariffs and the broader economy drove Treasury yields higher last week, and mortgage rates followed. As a result, total mortgage application volume dropped 10% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased to 6.82% from 6.77%, with points remaining unchanged at 0.62, including the origination fee, for loans with a 20% down payment. LEARN MORE…

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