Mortgage rates surged to a nearly year-high, pulling homebuyers back from the market

Purchase applications slid 7% for the week ending July 10, while refinance demand edged higher despite elevated borrowing costs

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The Mortgage Bankers Association reported a 2.7% drop in total mortgage application volume for the week ending July 10, as the 30-year fixed rate climbed to its highest point in nearly a year.

The MBA reported that the average contract interest rate on conforming 30-year fixed mortgages climbed to 6.65% — its highest reading since August 2025 — up from 6.58% the week before, with points ticking up to 0.67 from 0.64 on loans carrying a 20% down payment, after accounting for the........

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