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A “For Sale” sign outside of a home in Marana, Arizona, US, on Wednesday, Aug. 5, 2026. <\/p>\n
Rebecca Noble | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Mortgage interest rates moved even higher last week, causing demand for loans to weaken yet again. <\/p>\n
Total mortgage application volume dropped 1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. <\/p>\n
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $832,750 increased last week to 6.78% from 6.77% the prior week, with points rising to 0.66 from 0.65, including the origination fee, for loans with a 20% down payment. That is the highest level in three weeks. <\/p>\n
Applications to refinance a home loan, which are most sensitive to weekly rate moves, fell 2% for the week. They were 17% lower than the same week one year ago, when rates were 9 basis points lower.<\/p>\n
“Refinance applications decreased, particularly for FHA and VA loans, and the average loan size for refinances was at its lowest since June 2025,” said Joel Kan, vice president and deputy chief economist at the MBA, in a release. <\/p>\n<\/div>\n
CNBC’s Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.<\/p>\n
Subscribe here to get access today<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Applications for a home mortgage fell 0.3% for the week and were 5% lower than the same week a year ago. <\/p>\n