WASHINGTON–Mortgage rates last week ticked up to their highest point in four weeks, but mortgage volume actually increased 0.8% last week over the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The MBA data show the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased to 6.84% from 6.82%, with points remaining unchanged at 0.62, including the origination fee, for loans with a 20% down payment.

Refi Apps Decline

Applications to refinance a home loan, which the MBA noted are most sensitive to weekly rate moves, fell 3% for the week and were 22% higher than the same week one year ago, when interest rates were just two basis points lower. 

Applications for a mortgage to purchase a home rose 3% for the week and were also 22% higher than the same week one year ago.

“After reaching $460,000 in March 2025, the purchase loan amount has fallen to its lowest level since January 2025 to $426,700,” MBA Economist Joel Kan said in a statement. “With the 30-year fixed rate still too high to benefit many borrowers, refinance applications were down almost three percent for the week.”

Home Sales Slow Down

Meanwhile, sales of previously occupied U.S. homes slid in June to the slowest pace since September 202, according to a new report. 

Existing home sales fell 2.7% in June from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said.

According to the NAR, sales were flat compared with June last year. 

Additional Data Points

The NAR data also show:

• Home prices increased on an annual basis for the 24th consecutive month. The national median sales price rose 2% in June from a year earlier to $435,300, an all-time high.
• The U.S. housing market has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years. There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year, NAR said.
• June’s month-end inventory translates to a 4.7-month supply at the current sales pace, up from a 4.6-month pace at the end of May and four months in June last year.