The volume of mortgage applications in the US inched higher by 0.8% from the previous week in the third period of July 2025, loosely holding the 10% decline from the previous week, which was the sharpest drop in three months. The result coincided with muted changes in the benchmark average mortgage rate, as homebuyers likely waited for further clarity on future borrowing costs before engaging in large financial commitments. Application volumes for a contract to refinance a mortgage, which are more sensitive to short-term changes in rates, fell by 3.3% from the previous week, holding the 12% plunge from earlier. In turn, applications for a mortgage to buy a new home rose 3%, rebounding slightly from the 7% slump.