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MBA US Mortgage Applications Fall Further in Week Ended Sept. 11; Mortgage Rates Highest Since May 2025

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Mortgage applications fell by 4.1% in the week ended Sept. 11 as 30-year fixed mortgage rates rose to their highest level since May 2025, according to Mortgage Bankers Association data released Wednesday.

This follows a 2.7% decrease in overall activity in the week ended Sept. 4.

Applications for refinancing loans fell by 9%, while new purchase applications declined by a seasonally adjusted 1%.

The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less rose to 6.97% from 6.85% in the previous week due to concerns about high inflation and the possibility of tighter monetary policy that pushed bond yields higher.

"After adjusting for the Labor Day holiday, purchase applications dipped relative to the week prior as higher mortgage rates caused many buyers to pause their purchase decisions," said Joel Kan, MBA's vice president and deputy chief economist. "The current level of rates also eliminated much of the benefit to refinance for many borrowers, resulting in declines in conventional, FHA, and VA refinance applications."

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