US Mortgage Applications Fall 4.1% as 30-Year Rate Rises to 6.97%

US mortgage applications dropped 4.1% in September as the average 30-year fixed mortgage rate climbed to 6.97%, signaling continued housing-market cooling. The rise in rates, likely reflecting broader Treasury yield pressures, may further dampen homebuying demand and weigh on housing-related economic activity. The data point to persistent affordability constraints, though the magnitude of the decline is moderate and consistent with recent trends.