FX.co ★ US Mortgage Applications Drop 10.9% as Rates Rise

US mortgage applications fell 10.9% in the week ending March 13, 2026, the steepest weekly decline since September 2025, as borrowing costs climbed to their highest level since late last year and curtailed refinancing demand. The average rate on 30-year fixed mortgages with conforming loan balances up to $832,750 rose by 11 basis points to 6.30%. According to MBA economist Joel Kan, rising Treasury yields—partly driven by higher oil prices and heightened inflation risks stemming from the Middle East conflict—pushed mortgage rates higher across the board. Refinancing applications slumped 18.5%, while applications for home purchases inched up 0.9%.