housing

Mortgage Applications Fall 4.1% as Rates Test 7%

Published September 21, 20264 min read

Line chart of 10-Year Treasury Yield, last 90 days (%) on a dark background — Mortgage applications fell 4.1% as the 30-year rate hit 6.95%, leaving buyers facing decade-high supply and payments about $237 higher than a year ago. Illustration: MarketIntelLabs

The week of September 21 opened with the housing market's two most reliable gauges pointing the same way: buyers are stepping back. Mortgage applications fell 4.1% in the week ending September 11, the Mortgage Bankers Association reported on September 16, and the 30-year fixed rate averaged 6.95% in Freddie Mac's Primary Mortgage Market Survey released September 17, up from 6.76% the prior week and 6.26% a year ago. The mechanics of that weekly jump are covered in Mortgage Rates Snap Seven Weeks of Cal and Hit 6.95 Percent Against Record Supply . Purchase applications were 19% below the same week last year. Demand is retreating at the exact moment supply is the loosest it has been in more th…

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