The average interest rate on 30-year fixed-rate mortgages in the United States has fallen to 6%, the lowest level since September 2022, but housing demand remains weak. Weekly mortgage application volume increased by only 0.4%, mainly driven by a 4% weekly increase in refinance applications. In contrast, home purchase applications declined by 5% due to ongoing affordability pressures, with nearly half of American residents struggling to afford a mortgage. As borrowers seek lower initial costs, the share of adjustable-rate mortgages remains above 8%.