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FrontRow · Jul 22, 2026

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Mortgage rates continued their climb last week, but homebuyers trickled back into the market, perhaps taking advantage of less competition and some price cuts. That helped push total mortgage demand last week 1.9% higher 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, $832,750 or less, increased to 6.69% from 6.65%, with points decreasing to 0.62 from 0.67, including the origination fee, for loans with a 20% down payment. That was the highest rate since last August. As a result, refinance demand, which is highly sensitive to weekly rate moves, fell 2% for the week and was just 7% higher than the same week one year ago. Last year at this time, the average on the 30-year fixed loan was just 15 basis points higher. Applications for a mortgage to purchase a home rose 6% for the week and were 0.2% higher year-over-year -- basically flat. Potential buyers are starting to get a little break, as the market settles into its historically slower summer months. Real estate agents in CNBC's Housing Market Survey report sellers seem to be more willing to cut prices.

Mortgage rates continued their climb last week, but homebuyers trickled back into the market, perhaps taking advantage of less competition and some price cuts. That helped push total mortgage demand last week 1.9% higher 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, $832,750 or less, increased to 6.69% from 6.65%, with points decreasing to 0.62 from 0.67, including the origination fee, for loans with a 20% down payment. That was the highest rate since last August. As a result, refinance demand, which is highly sensitive to weekly rate moves, fell 2% for the week and was just 7% higher than the same week one year ago. Last year at this time, the average on the 30-year fixed loan was just 15 basis points higher. Applications for a mortgage to purchase a home rose 6% for the week and were 0.2% higher year-over-year -- basically flat. Potential buyers are starting to get a little break, as the market settles into its historically slower summer months. Real estate agents in CNBC's Housing Market Survey report sellers seem to be more willing to cut prices.

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