US mortgage demand is down to historic lows:

BREAKING NEWS: US purchase mortgage applications index fell -2% last week, to 131 points, its 2nd-lowest since January 2025.

This also marks the 6th-lowest weekly reading since 1995, down -32% since January.

As a result, US mortgage applications are now -50% below the pre-pandemic levels seen in 2019.

This comes as the 30Y fixed mortgage rate has risen +120 basis points since February, to 7.18%, near its highest since November 2023.

Rates have now been above 7.0% for 7 consecutive weeks.