Mortgage demand declined by 1% from the previous week despite lower rates, according to the Mortgage Bankers Association’s seasonally adjusted index. The average rate on 30-year fixed-rate mortgages fell from 7.37% to 7.3% but remains about one percentage point higher than a year ago. Refinance applications rose by just 0.1% and were 60% lower than a year earlier, while home-purchase applications fell 2% from the previous week and 19% year over year. More borrowers are choosing adjustable-rate mortgages to reduce their initial payments, with their share reaching the highest level since September 2025. Mortgage rates edged higher at the start of the week following stronger-than-expected job-opening data and a modest rise in technology stocks.
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