US mortgage applications rise 1.9% as 30-year rate reaches 6.69%

U.S. mortgage application volume increased 1.9% in the week ended July 17, according to Mortgage Bankers Association data, as higher purchase activity offset softer refinancing demand. The average 30-year fixed mortgage rate for conforming loans of $832,750 or less rose to 6.69% from 6.65%, its highest level since August 2025, while Mortgage Research Center data reviewed on July 23 showed the daily average for a 30-year conforming loan at 6.772%, up from 6.699% a day earlier and 6.621% a week earlier. The 15-year conforming rate was 5.937%, up from 5.842% the prior day and 5.779% a week earlier. Daily rates also rose for other major loan types, including 30-year jumbo loans at 6.883%, FHA loans at 6.088%, VA loans at 6.191%, and USDA loans at 6.151%. Freddie Mac separately said the average 30-year fixed mortgage rate rose to 6.58% as of July 23 from 6.55% a week earlier, the fourth straight weekly increase, while the 15-year fixed rate increased to 5.96% from 5.93%. MBA said growing housing inventory in many markets was supporting buyer activity despite elevated borrowing costs. The Federal Reserve left the federal funds rate at 3.50% to 3.75% at its June 16-17 meeting, with its next meeting scheduled for July 28-29.