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Data from the Mortgage Bankers Association on Wednesday showed demand for mortgages fell sharply last week, with total applications falling 10.4% as rising borrowing costs continued to weigh on buyers.
The reason for the economic slowdown is relative humidity CEO Gary Friedman The warning said “the housing market is heading for its most severe conditions in decades,” citing global tensions, tariffs and economic uncertainty, underscoring growing pressure on U.S. homebuyers and the broader housing industry.
Refinancing applications led the decline, falling 17% month-on-month and more than 40% month-on-month. Purchase applications fell 3%.
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The average 30-year fixed mortgage rate rose to 6.57%, the highest level since August Mike FratantoniChief Economist, MBA. He noted that while rising borrowing costs weighed on demand, rising housing supply provided some offset. Federal Housing Administration (FHA) and Veterans Affairs (VA) loan applications continue to perform better than conventional loans.
The surge in borrowing costs comes amid broader macro pressures. The escalating U.S.-Iran conflict has sent energy prices higher, pushing up U.S. Treasury yields and keeping mortgage rates high. Rising yields remain under pressure due to global uncertainty and recent bond market volatility.
The Organization for Economic Co-operation and Development currently projects U.S. inflation at 4.2% in 2026, up from 2.6% in 2025. The Fed is expected to keep interest rates steady through 2026 and 2027, limiting short-term relief for borrowers.
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Shares in luxury home furnishings brand RH fell as earnings exposed pressure on the housing market. Adjusted earnings per share were $1.53, below expectations of $2.22, while revenue of $842.6 million was below expectations of $873.3 million. The company expects fiscal year 2026 revenue to be $3.57-3.71B and first-quarter revenue of $781-798M, both lower than expected.
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Broader concerns about affordability are also growing. former white house official Anthony Scaramucci Calling the American dream “impaired” and warning that middle-class purchasing power has dropped by 27% since the 1970s.
Personal Finance Expert Dave Ramsey Mistakes in today’s property market can cost buyers “tens of thousands of dollars”, a warning has emerged.
at the same time, Zillow Group of Companies House prices are expected to rise by just 0.7% by the end of 2026, reflecting a bleak outlook.
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GACW is an engineering startup developing the Air Suspension Wheel (ASW), an airless mechanical wheel with built-in suspension designed to replace traditional rubber tires in heavy-duty applications. The company, which is initially targeting the $5 billion global mining tire market, says its technology can eliminate punctures, reduce maintenance and reduce lifecycle operating costs, while also solving environmental concerns related to tire waste and microplastics. The patented system is fully recyclable and designed to extend the life of the vehicle, with potential applications beyond mining. GACW plans to commercialize the technology in 2026 using a “wheel-as-a-service” model, allowing operators to adopt the system without significant upfront costs.
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This article originally appeared on Benzinga.com RH CEO warns mortgage applications slump as interest rates rise, housing market to be ‘toughest yet’
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