US Mortgage Applications Rebound 0.8% as Rate Ticks Up to 6.84%

US mortgage demand stabilized last week as the Mortgage Bankers Association’s seasonally adjusted index of mortgage applications edged up 0.8% for the period ended July 18, reversing part of the prior week’s 10% slide. The average contract rate on a 30-year fixed mortgage rose to 6.84% from 6.82% the previous week, according to the MBA. Elevated borrowing costs continue to weigh on housing activity, but the latest reading suggests application volumes may be finding a floor after recent volatility.