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August 14 2026

Existing-home sales remained relatively stable in July despite elevated mortgage rates, with activity declining modestly from June while remaining above year-ago levels. According to the National Association of REALTORS®, sales fell 1.7% from June to a seasonally adjusted annual rate of 4.06 million , but were 0.7% higher than in July 2025. “Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months,” said NAR Chief Economist Lawrence Yun. He noted that year-to-date sales are up 2.4% and suggested that the housing market could see stronger activity if average mortgage rates return closer to 6%. Housing inventory declined during the month, with total supply falling to 1.54 million units , down 1.9% from June and 0.6% from a year earlier. At the current sales pace, unsold inventory represented a 4.6-month supply , unchanged from both June and July 2025. Home prices continued to rise despite the relatively subdued sales pace. The median existing-home price increased to $434,100 , up 2.0% from July 2025 and marking the 37th consecutive month of year-over-year price increases. Affordability also improved compared with a year ago. The Housing Affordability Index rose to 103.3 , up from 98.3 in July 2025, with affordability improving across all four regions. While improved affordability should provide some support for demand, the decline in inventory could continue to limit buyers' options and provide support for home prices.

August 14 2026

Mortgage application activity rebounded last week as a moderate decline in mortgage rates provided some relief for both homebuyers and homeowners considering a refinance. The Mortgage Bankers Association (MBA) reported a 3.6% increase in total application volume on a seasonally adjusted basis for the week ending August 7. Purchase applications increased 3% from the previous week on a seasonally adjusted basis, but remained 1% below the same week one year ago. Borrowing costs remain elevated and continue to weigh on affordability and buyer demand. Refinance activity also improved, with the Refinance Index increasing 5% from the prior week. Despite the weekly gain, refinance applications remained 22% below year-ago levels. "The reprieve in rates supported an increase in both purchase and refinance applications over the week, although the pace of applications has fallen below last year’s pace in recent weeks," said Joel Kan, MBA’s Vice President and Deputy Chief Economist. Kan noted that the average loan size for refinance applications fell to its lowest level since July 2025 as refinance incentives have diminished at current mortgage rates. The refinance share of total mortgage activity increased to 40.7% from 39.9% the previous week, while the adjustable-rate mortgage (ARM) share remained unchanged at 7.9% . The average contract rate for a 30-year fixed mortgage decreased to 6.77% from 6.81%, while the rate for jumbo 30-year loans fell to 6.68% from 6.72%. The 15-year fixed rate also declined, reaching 6.10% from 6.13%, while the 5/1 ARM rate fell to 5.99% from 6.03%.

August 07 2026

Mortgage application activity declined for a second consecutive week as higher borrowing costs continued to weigh on both purchase and refinance demand. The Mortgage Bankers Association (MBA) reported a 2.9% decrease in total application volume on a seasonally adjusted basis for the week ending July 31. Purchase applications decreased 4% from the previous week on a seasonally adjusted basis and were 3% lower than the same week one year ago. Elevated mortgage rates continue to challenge affordability, dampening buyer demand despite improved housing inventory in some markets. Refinance activity also softened, with the Refinance Index falling 2% from the prior week and remaining 9% below year-ago levels. As rates moved higher, fewer homeowners had an incentive to refinance. "In the wake of the July FOMC meeting, longer-term rates increased, pushing the 30-year fixed mortgage rate to 6.81 percent, its highest level in more than a year,” said Mike Fratantoni, MBA’s SVP and Chief Economist. Next week's data will likely bounce back higher given that rates have dropped noticeably so far in August. Per MND's daily rate tracking, 30yr fixed rates hit 2 week lows on Wednesday and moved even lower on Friday. Mortgage Rate Summary: 30yr Fixed: 6.81% (from 6.76%) | Points: 0.65 (from 0.69) 15yr Fixed: 6.13% (from 6.15%) | Points: 0.73 (from 0.84) Jumbo 30yr: 6.72% (from 6.70%) | Points: 0.52 (unchanged) FHA: 6.43% (from 6.41%) | Points: 0.75 (from 0.88) 5/1 ARM: 6.03% (from 5.98%) | Points: 0.99 (from 1.23)