Daren Loewinger

Mortgage applications ↓~4% for the week ending June 12, 2026, while overall mortgage rates held in the mid-6% range nationwide, giving borrowers steadier planning context.
Refinance activity ↓5% from the prior week but was ↑17% yearly, showing existing homeowners still had selective opportunities when equity strategies fit.
Purchase applications ↓3% weekly, yet purchase volume was ↑3% yearly, with stronger conventional demand while government-backed purchase volume remained subdued nationally overall.
Inflation pressured mortgage rates early, while improving global developments helped pull rates lower again before the recent week closed nationally overall for borrowers.
With traditional refinancing less attractive at elevated rates, more homeowners are turning to subordinate liens to access equity instead of full refinances.

US Mortgage Demand Dips, Rates Hold

A mortgage rate lock keeps your interest rate unchanged during a set period, usually between accepted offer and closing on your home.
Locking can support clearer planning for future mortgage costs because rates may fluctuate widely while a buyer is under contract before closing.
A lock can help manage the risk of rates moving higher unexpectedly before closing, giving buyers more payment certainty during the purchase process.
The tradeoff: if market conditions improve after locking, buyers may remain tied to the higher rate they already secured for that loan.
Because nobody can predict short-term rate direction with certainty, the best timing comes from asking focused questions before choosing a mortgage lock.