Total mortgage application volume fell 2.7 percent for the week ending July 10, according to the Mortgage Bankers Association, as the average contract interest rate on conforming 30-year fixed mortgages climbed to 6.65 percent, its highest reading since August 2025. Purchase applications slipped 7 percent week over week and trailed the same period a year earlier by 2 percent, while refinance applications rose 4 percent for the week and ran 7 percent above last year's pace. The 30-year jumbo rate increased to 6.62 percent from 6.50 percent, the 15-year fixed rate moved up to 6.05 percent from 5.99 percent, and the five-year ARM rate fell to 5.75 percent from 5.84 percent. Refinances accounted for 43.2 percent of all mortgage applications, up from a 40.6 percent share the prior week, with FHA refinance applications rising 9 percent and VA refinance applications gaining 10 percent.