US Mortgage Applications Fall 3.8% as Rates Hold Near 6.83%

US mortgage applications declined 3.8% for the week ending July 25, reversing the previous week's 0.8% gain, as the 30-year mortgage rate remained elevated at 6.83%. The Market Index dropped to 245.7 from 255.5, with both purchase and refinance components showing weakness. The Purchase Index fell to 155.6 from 165.1, while the Refinance Index slipped to 739.3 from 747.5. High mortgage rates continue to pressure housing market activity, reflecting the Federal Reserve's sustained restrictive monetary policy stance. While this data rarely moves forex markets directly, persistent housing weakness could influence broader US economic sentiment and potentially impact USD positioning. The inverse correlation between mortgage applications and rates remains intact, suggesting continued housing market challenges until rates meaningfully decline.