It’s been a quiet stretch for US mortgage applications lately, with borrowing costs holding steady and not much movement to encourage buyers or refinancers to jump in. I’ve noticed this firsthand in Biloxi—buyers are pausing, and purchase applications dipped by 2% (seasonally adjusted), or 3% on an unadjusted basis across the country. Even those looking to refinance are holding back, with only a slight 2% uptick and refinancing making up about 42% of all applications. Those working with larger loans are especially cautious right now.
Affordability challenges and a bit of uncertainty are making some folks wait before making their next move, but there’s a hint of optimism: VA loan applications ticked up, now at 12.6%. The 30-year conforming rate is hovering close to 7%, and with no central bank rate cuts expected through 2026, patience is the name of the game for many.
Having helped Biloxi families and investors navigate all kinds of markets, I know these moments call for local insight, a steady hand, and trust in the process. If you’re feeling unsure, you’re not alone—sometimes, waiting and watching is the wisest move.
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