Mortgage applications slip as rates hit a three-week high
Rates across product categories moved broadly higher. The 30-year jumbo rate rose to 6.73% from 6.71%, the 15-year fixed climbed to 6.10% from 6.08%, and the 5/1 adjustable-rate mortgage averaged 5.98%, up from 5.94%.
Adjustable-rate products accounted for 7.9% of total applications, ticking higher as cost-sensitive borrowers sought to reduce initial monthly payments. Points on jumbo loans increased to 0.50 from 0.48.
Purchase demand trails year-ago levels
Purchase applications slipped 0.3% on a seasonally adjusted basis and were 5% below the same week in 2025, extending two consecutive months of underperformance against the prior-year pace.
The weakness was concentrated in government-backed lending: FHA applications dropped 7% for the week, with FHA’s share of total volume declining to 16.2% from 17.1%.
“Purchase activity was down over the week, driven by a 7% decrease in FHA applications. The purchase market has also slowed these past two months,” Kan said.
