The average U.S. 30-year fixed mortgage rate for conforming loans rose to 7.12% from 6.97% last week, its highest level since 2024, according to Mortgage Bankers Association data. Total mortgage applications fell 1.5%, while refinancing applications declined 3% and stood 62% below the same week a year earlier. Purchase applications dropped 1% and were 11% below year-earlier levels. Higher borrowing costs have weakened housing activity and pushed some borrowers toward adjustable-rate mortgages, which offer lower initial payments but expose households to future rate resets. The latest figures add to affordability pressures already weighing on buyers, sellers, lenders and homebuilders.