JewishStatusOpen the app

FrontRow · Aug 5, 2026

FrontRow — photo status

Mortgage demand continued to plummet last week, after mortgage rates rose to their highest level in over a year. Total mortgage application volume dropped 2.9% week to week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications were also 5% lower than they were the same week one year ago. That is the first time volume was lower annually since April. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 6.81% from 6.76%, with points decreasing to 0.65 from 0.69, including the origination fee, for loans with a 20% down payment. "In the wake of the July FOMC meeting, longer-term rates increased, with mortgage rates reaching their highest level in more than a year," said Mike Fratantoni, MBA's chief economist and senior vice president research and business development in a release. "Application volume for both refinance and purchase loans declined for the week, and are now running behind last year's pace, indicating that higher mortgage rates have weakened overall demand."

Mortgage demand continued to plummet last week, after mortgage rates rose to their highest level in over a year. Total mortgage application volume dropped 2.9% week to week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications were also 5% lower than they were the same week one year ago. That is the first time volume was lower annually since April. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 6.81% from 6.76%, with points decreasing to 0.65 from 0.69, including the origination fee, for loans with a 20% down payment. "In the wake of the July FOMC meeting, longer-term rates increased, with mortgage rates reaching their highest level in more than a year," said Mike Fratantoni, MBA's chief economist and senior vice president research and business development in a release. "Application volume for both refinance and purchase loans declined for the week, and are now running behind last year's pace, indicating that higher mortgage rates have weakened overall demand."

Watch in the app All of FrontRow's statuses

More from FrontRow