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Mortgage rates surged to a 2024 high last week, causing an 8.5% drop in overall mortgage applications. The average 30-year fixed-rate mortgage climbed to 6.81%, leading to a 5% decrease in purchase applications, though still 13% higher year-over-year. Increased inventory and economic uncertainty are deterring buyers. However, a rise in adjustable-rate mortgage (ARM) applications suggests borrowers seek lower initial rates, despite higher risks. Refinance applications also fell, yet remain significantly up year-over-year. While rates dipped slightly this week, experts predict continued volatility.

Prepared by Christopher Adams and reviewed by editorial team.