US Mortgage Applications Stall

US mortgage application volume stayed nearly flat recently, as steady borrowing costs gave both buyers and refinancers little fresh incentive to make a move.
Purchase activity led the slowdown, with applications ↓2% on a seasonally adjusted basis and ↓3% unadjusted from the previous reading across the US.
Refinance activity provided limited support, with the index ↑2% and the refinance share near 42%, while larger-balance borrowers remained less likely to act.
Affordability pressures and economic uncertainty pushed some buyers to delay decisions, although VA applications offered a modest bright spot as their share hit 12.6%.
Mortgage pricing changed little, and with the 30-yr conforming rate near 7% and no central bank rate cuts expected through 2026, patience remained key.