09/21/2026
🏠 Homebuyers are stepping back as mortgage rates climb higher, fast.
Total mortgage application volume fell 4.1% last week, according to the Mortgage Bankers Association. Applications for a home purchase were down 1% for the week and 19% lower than the same week a year ago.
Refinance applications felt it even more, dropping 9% for the week and sitting 65% below year-ago levels.
The average rate on a 30-year fixed mortgage climbed to 6.97% last week, and by Tuesday it had moved even higher, to 7.22%, according to Mortgage News Daily. That's nearly a full percentage point above where rates sat a year ago.
🔑 Rates aren't the only pressure buyers are weighing. Home prices remain elevated in many areas, and while more homes have come on the market, much of that added supply sits at the higher end.
For many households, higher borrowing costs paired with higher prices are making the buy-or-wait decision a harder one to call.
This is exactly the kind of shift worth walking through together, especially if a purchase or refinance has been somewhere on your radar.
Mortgage rates have surged to the highest level since the start of 2025, causing a major pullback in mortgage demand.
