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2026-07-15 19:02:19
[US Home Loan Applications Plunge Over 7%, 30-Year Mortgage Rate Rises to 6.65%, Refinancing Demand Rebounds Against the Trend] ⑴ Data from the Mortgage Bankers Association shows that in the week ending July 10, the home loan application index fell by approximately 7.3% to 157.2, a significant drop recently, indicating that high housing prices and interest rates continue to suppress homebuying intentions. ⑵ The overall market index fell by approximately 2.7% to 259.1, while the refinancing index rose against the trend by approximately 3.5% to 821.9, indicating that some existing loan holders seized the opportunity of interest rate fluctuations to refinance their loans. ⑶ The average 30-year fixed mortgage rate rose 7 basis points to 6.65% during the week, continuing the recent upward trend and further increasing the financing costs for potential homebuyers. ⑷ The significant decline in home purchase demand contrasts sharply with the rebound in refinancing activity, reflecting that new home purchase demand is significantly squeezed under the current interest rate environment, while the interest rate sensitivity of existing loans remains strong. (5) If mortgage rates continue to remain high, the activity in the real estate market may cool down further. In the future, it will be necessary to pay attention to whether the job market and income growth can offset the erosion of purchasing power by rising financing costs.
