Hump day data: The secret word is...

It's "affordability," of course, with data on mortgages and consumer credit on the docket.

Starting with the former, financing home loans grew more expensive last week, and potential borrowers were having none of it.

The average 30-year fixed contract rate—which generally tracks the benchmark U.S. Treasury yield—increased by 6 basis points to 6.85%, the highest it's been since June 2025.

That jump didn't really put much of a dent in demand for loans to purchase homes, which inched a negligible 0.2% lower. Refi applications, on the other hand—which accounted for a decreasing 40.9% share of the mortgage pie—tanked 6.2%.

Combined, home loan demand slid by 2.7% last week.

"Mortgage rates moved higher last week, driven by ongoing investor concerns over inflation and the federal budget deficit,” writes Joel Kan, MBA’s deputy chief economist. "Refinance applications remain significantly impacted by these higher rates, falling to the slowest weekly pace since May 2025."