Homebuyers Remain Resilient Amid Stable Mortgage Rates

With mortgage rates holding steady at 6.77%, it’s no surprise we’re seeing mortgage application volumes stall. Purchase applications slipped by 2% this week and are down 3% from last year, as affordability continues to weigh on buyers’ minds. Interestingly, refinance activity picked up by 2%, even as the average loan size dropped to its lowest point since June 2025. Adjustable-rate mortgages have also dipped to 7.7%. Having spent over three decades navigating changing markets for sellers, asset managers, and banks, I’ve seen firsthand how these shifts impact both buyers and sellers. Clear communication and tailored strategies are key to moving forward in a market defined by rate inertia and evolving affordability.