US mortgage demand falls 6% as 30-year rate hits 7.30%, highest since Nov 2023

US mortgage applications dropped 6% week-over-week as the average 30-year rate rose for a sixth straight week to 7.30%, the highest since November 2023. Refinancing demand fell 9%, signaling continued housing-market strain. The sustained rate climb suggests persistent upward pressure on borrowing costs, likely weighing on housing activity and consumer sentiment.