FX.co ★ US Mortgage Applications Sink

In the second week of July 2025, mortgage applications in the United States experienced a significant decline, dropping by 10% compared to the previous week. This downturn completely offset the 9.4% rise observed in the prior week, as reported by data from the Mortgage Bankers Association. This marked the most pronounced decrease in nearly three months due to a 5 basis points uptick in benchmark mortgage rates, compounded by growing economic uncertainties that make households reluctant to enter substantial financial commitments. Applications for refinancing existing mortgages, which are more sensitive to short-term interest rate fluctuations, plunged by 12%. Consequently, the volume of mortgage applications for home purchases decreased by 7%.