US 30-Year Mortgage Rates Hit Highest Level Since August 2025
Mortgage Bankers Association reports a 2.7% drop in total application volume as 30-year fixed rates climb to 6.65%.
The Mortgage Bankers Association reported a 2.7% decline in total mortgage application volume for the week ending July 10. The average contract interest rate for conforming 30-year fixed mortgages rose to 6.65%, marking the highest level since August 2025.
Purchase mortgage applications dropped 7% week-over-week, a decline attributed to high interest rates and a limited supply of affordable housing. Conversely, refinance applications grew by 4%, with FHA and VA loans driving the increase. Refinance activity now represents 43.2% of all mortgage applications.
Market data from Mortgage News Daily linked the recent rate spike to rising fuel prices during July. However, rates retreated slightly on Tuesday following an unexpectedly low inflation reading.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play