Mortgage applications fell 6% as borrowing costs reached their highest level in three years, adding pressure to a housing market already constrained by affordability concerns.
Refinancing activity declined 9% from the previous week and stood 56% below its level a year earlier. The year-over-year drop underscores how higher rates have reduced the financial incentive for many existing borrowers to replace their current loans.
For homebuyers, the latest move in rates can further affect purchasing power and monthly payment calculations. Developers, brokers and lenders will be watching whether weaker mortgage demand translates into a more cautious pace of sales activity.
The figures, reported by HousingWire, point to continued sensitivity across the residential market as financing conditions remain restrictive.
