Rising Mortgage Rates Slow Homebuyer Demand

Mortgage rates climbed to their highest level since August 2025 last week, slowing demand from homebuyers while refinance activity posted modest gains, according to data released by the Mortgage Bankers Association.

The average interest rate for a 30-year fixed mortgage increased to 6.65%, up from 6.58% a week earlier. Total mortgage applications fell 2.7% from the previous week, while applications to purchase homes declined 7% and were 2% lower than a year earlier.

Refinancing applications rose 4% from the previous week and 7% from a year earlier, led by FHA and VA loans, according to MBA Deputy Chief Economist Joel Kan.

Mortgage News Daily reported rates moved even higher at the start of this week, partly because of rising fuel prices. However, rates eased slightly on Tuesday after inflation data came in lower than economists had expected.

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Mortgage rates rise to highest level in nearly a year, causing homebuyers to pause https://t.co/djdpjYxkzf

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tippinsightsTIPP Staff