US mortgage rates are at about 7.5% for the 30-year fixed loan, and demand for new home purchases is falling for a sixth straight week. Bloomberg and Quartz report that the rise in rates continues to weigh on refinancing and purchase activity, with home-buying activity declining in the most recent weekly data.
Quartz says purchase loan demand drops again, with home purchase applications reaching a fresh low. Bloomberg reports the Mortgage Bankers Association (MBA) purchase index falls 4% in the latest week, extending the streak of weekly declines to six weeks, the longest such stretch since mid-2023. Together, the outlets tie the slowdown to the cumulative increase in rates over the prior months.
While both sources focus on the same overall trend—higher mortgage rates and weaker purchase demand—Bloomberg emphasizes the MBA index and the length of the decline streak, whereas Quartz highlights that the 30-year fixed rate has climbed by nearly a full percentage point since late June and that applications fall to new lows.
