Overview

• The average 30-year fixed mortgage rate has risen to 6.84%, marking its highest level in four weeks and continuing a trend of recent increases.
• Mortgage demand dropped 6.2% last week, reflecting growing economic uncertainty and higher borrowing costs.
• Refinance applications fell 13% week-over-week but remain 70% higher compared to the same period in 2024, driven by earlier rate declines.
• Purchase applications increased slightly by 0.1% last week, reaching their highest level in six weeks, as some buyers adjusted to rate fluctuations.
• State-level refinance rates show significant variation, with the lowest averages in New York, Florida, and California, and the highest in Hawaii and Washington, D.C.