US Mortgage Applications Stall

Mortgage application activity across the US has held steady, with little movement on borrowing costs—something I’ve been seeing firsthand in our Whittier and Helendale markets. Purchase applications dipped 2% on a seasonally adjusted basis (and 3% unadjusted), while refinance activity ticked up by 2%, now making up roughly 42% of all applications. Larger-balance borrowers are still taking a wait-and-see approach, likely due to ongoing affordability pressures and broader economic uncertainty. One area that’s stood out: VA applications, which have risen to a 12.6% share, offering a small glimmer of momentum. With 30-year conforming rates hovering close to 7% and no central bank rate cuts likely before 2026, patience and strategic timing remain more important than ever for both buyers and sellers. After more than a decade navigating residential, commercial, and investment opportunities in Southern California, I know how important it is to interpret these shifts with care—especially in markets where every move counts.