From CNBC · Diana Olick · · 1m
Mortgage rates hit 3-year high, demand drops
Mortgage rates climb to 7.58%, dropping homebuying demand.
In brief
Mortgage rates climb to 7.58%, dropping homebuying demand. Mortgage rates reached a near 3-year high of 7.58%, causing homebuying demand to fall 6% and refinance applications to drop 9%. Originally reported by CNBC.
Mortgage rates climb
Mortgage rates jumped to 7.58% for the sixth straight week, hitting a near 3-year high since November 2023.
30-year fixed rates rise
The average 30-year fixed-rate mortgage rate increased to 7.30% from 7.12% for loans under $832,750.
Refinance demand drops
Refinance applications fell 9% for the week and were 56% lower than the same week one year ago.
Mortgage activity shifts
The refinance share of mortgage activity decreased to 38.3% from 39.3% the previous week.
Homebuyer demand falls
Mortgage demand dropped 6% for the week, reaching the lowest level in two years.
Rates impact home prices
Home prices rose 1.9% nationally in July compared with July 2025, accelerating gains from a year ago.
The main idea
Mortgage rates reached a near 3-year high of 7.58%, causing homebuying demand to fall 6% and refinance applications to drop 9%.
