Fast-rising mortgage rates are pushing both prospective homebuyers and homeowners looking to refinance toward the sidelines.
Mortgage applications fell 4.1 percent on a seasonally adjusted basis for the week ending Sept. 11, according to the Mortgage Bankers Association’s (MBA’s) latest Weekly Mortgage Applications Survey.
The decline came as the average contract rate on a 30-year fixed mortgage climbed to 6.97 percent from 6.85 percent, its highest level since May 2025.
“Ongoing market concerns over spiking energy prices, persistently high inflation, and future monetary policy pushed bond yields and mortgage rates higher last week,” said Joel Kan, MBA’s vice president and deputy chief economist….