FX.co ★ US Mortgage Applications Inch Higher

In the third week of July 2025, there was a modest increase of 0.8% in the volume of mortgage applications in the United States compared to the prior week, maintaining the significant 10% decline experienced the week before—marking the steepest drop in three months. This trend paralleled minimal fluctuations in the average benchmark mortgage rate, as potential homebuyers likely awaited greater clarity on future borrowing costs before committing to significant financial decisions. The volume of applications for mortgage refinancing, which is highly sensitive to short-term rate changes, decreased by 3.3% week over week, sustaining the earlier 12% drop. However, applications for purchasing a new home saw a 3% rise, recovering slightly from the previous 7% decline.