30-Year Mortgage Daily Quote Reaches 7.02% as Application Volume Falls 4.1%
A national-average daily quote for a 30-year fixed mortgage hit 7.02% on September 16, sitting 26 basis points above Freddie Mac's most recent weekly benchmark of 6.76%, a gap explained largely by differences in methodology and borrower assumptions rather than measurement error. Mortgage application volume fell 4.1% week over week per the MBA, with refinance applications down 9% and 65% below the same week a year earlier. For borrowers comparing rate figures across sources, the spread matters: on a $400,000 loan, the difference between the two benchmarks translates to roughly $70 more per month in principal and interest.