Mortgage demand drops 19 percent

The US housing market has experienced significant pressure due to a rapid surge in mortgage interest rates, with the average fixed 30-year mortgage rate soaring to approximately 7.22%, the highest level since June 2025. This has led to a 19% decrease in mortgage application demand compared to the same week last year. Refinancing requests have also dropped by 9%. As borrowing costs increase, many borrowers are avoiding new loans, resulting in a substantial decline in demand and a subsequent decrease in interest rates. The rise in interest rates has weakened buyers' purchasing power and increased borrowing costs, while supply continues to grow, particularly in higher-priced market segments.

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