US mortgage purchase applications collapse to lowest since 1995; 30-year rate near 7%

US mortgage purchase applications have collapsed to levels last seen in 1995, with overall applications down 4.1% last week and refinancing down 8.8%, according to data relayed by Deltaone. The 30-year conforming mortgage rate rose to 6.97%, the highest since May 2025, and jumbo rates rose to 7.03%. Homebuyer mortgage demand is down about 19% from a year ago.

Detected & updated continuously · Source: Nebula