US mortgage applications fall 3% for week ending July 10 as elevated rates keep buyers sidelined

Mortgage applications in the US dropped 2.7% for the week ending July 10, according to the Mortgage Bankers Association’s weekly survey. That marks the second straight week of declines, following a 2.2% seasonally adjusted drop the prior week.

The average 30-year fixed rate sat at roughly 6.64% as of July 10.

The Independence Day effect that wasn’t

MBA Chief Economist Mike Fratantoni noted that mortgage application volumes were “little changed” during the week surrounding Independence Day, suggesting the holiday didn’t meaningfully distort the data this time around.

The prior week’s data was arguably worse when viewed without seasonal adjustments. On an unadjusted basis, applications dropped 12% for the week ending July 3. The seasonally adjusted figure of 2.2% smoothed that out.