The average contract rate on 30-year fixed-rate mortgages for conforming loans of $806,500 or less in the US increased to 6.30% in the week ending March 13, 2026, up from 6.19% the previous week, according to the Mortgage Bankers Association. This marks the highest level since late December, putting pressure on mortgage activity. Total mortgage applications plunged 10.9%, reversing a 3.2% gain from the prior period, with refinancing activity dropping sharply by 18.5%. Meanwhile, applications for home purchases edged up slightly by 0.9%.