Mortgage rates reached their highest level in nearly three years last week, causing overall mortgage demand to fall. Adjustable-rate mortgages now account for 10.5% of applications, their highest share since October 2025, as borrowers turn to these riskier products to lower their monthly payments. Total mortgage application volume dropped 2.75% from the prior week and 37.5% from a year ago. The average 30-year fixed mortgage rate rose to 7.50%, more than a full percentage point higher than a year ago. Refinance applications fell 56% year-over-year, while purchase applications declined 16% year-over-year.
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