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Mortgage Applications Drop as Rates Hit 6.8% One-Year High

8/6/2026

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Summary

Story summary

U.S. mortgage demand fell as rates rose to a one-year high, with applications down 2.9% and 5% YoY.
Average 30-year fixed contract rates for loans up to $832,750 rose to 6.81% from 6.76%.
MBA chief economist Mike Fratantoni said the July FOMC meeting pushed rates higher, weakening refinance and purchase loan demand.
Fratantoni warned borrowers must shave at least three-quarters of a percentage point off their current rate.

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Story summary

U.S. mortgage demand fell as rates rose to a one-year high, with applications down 2.9% and 5% YoY.
Average 30-year fixed contract rates for loans up to $832,750 rose to 6.81% from 6.76%.
MBA chief economist Mike Fratantoni said the July FOMC meeting pushed rates higher, weakening refinance and purchase loan demand.
Fratantoni warned borrowers must shave at least three-quarters of a percentage point off their current rate.