Mortgage rates rise causing homebuyers to pause

Plus: Keller Williams to Acquire Jason Mitchell Group

July 15, 2026

👋 Hey y'all, welcome back! Here's your mortgage industry roundup. Today's newsletter is 725 words — a 3-minute read. Let’s dive in…

Disclaimer: Average mortgage rates as of July 14, 2026. © MND Daily Rate Index.

1. Mortgage rates rise causing homebuyers to pause

Rates rose to their highest level since August 2025 last week, pushing purchase apps down 7% for the week and 2% below year-ago levels. That's the first time purchase demand has turned negative year over year in months.

Refi apps rose 4%, but mostly on cash-out activity — with rates just 17 basis points below last year's levels, there's little incentive to refinance for rate savings. FHA and VA refis led the gains, up 9% and 10% respectively.

Mortgage rates jumped higher to start this week, according to a survey from Mortgage News Daily.

“The key contributor to the recent spike has been the uptick in fuel prices in July combined with the fact that rates never made it any lower than 6.52% over the past 2 months,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “In other words, we were already in a high range and the uptick in fuel prices simply gave rates a push.”

2. Keller Williams to Acquire Jason Mitchell Group

KW has announced plans to acquire Jason Mitchell Group, the top-ranked "teamerage" by sales volume. JMG operates in 37 states with 1,200+ affiliated agents and closed $5.9B in sales volume across more than 12,300 transaction sides in 2025.

JMG's model centers on managing consumer leads through partnerships with major mortgage lenders and real estate platforms including Rocket Mortgage, Mr. Cooper, Redfin, Zillow, New American Funding, and Veterans United — making the acquisition a significant distribution play for KW.

Jason Mitchell stays on as president of the JMG Division and joins KW's executive team. Deal expected to close in Q3 2026.

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3. More Nuggets

📰 New paper traces how UWM’s 2021 broker ban shifted pricing. (HousingWire)

📊 Harvard’s 2026 housing report. (JCHS)

🧊 Cooler June inflation offers homebuyers a reprieve from rising rates. (MortgagePoint)

4. Mortgage credit availability drops to six-month low

MBA's Mortgage Credit Availability Index fell 2.0% in June to 105.8, the lowest reading since December 2025.

The pullback was concentrated in government programs — the Government MCAI dropped 4.6% as lenders pulled back on FHA and VA streamline refinance offerings, particularly for high-LTV and low credit score borrowers.

Non-QM was the one bright spot. The Jumbo MCAI edged up 0.6% on expanded non-QM programs, and non-QM loans hit 9% of total lock volume in June, up 1.4 percentage points year over year.

For brokers, the message is clear: the borrowers who most need financing are facing tighter options in government channels, and non-QM is increasingly where those deals live.

5. Compass files ethics complaints against Zillow in 26 states

Compass has filed Code of Ethics complaints against Zillow across 26 states, 55 MLSs, and 30 Realtor associations, accusing the portal of false advertising — specifically, displaying publicly marketed listings as "not for sale" when they don't meet Zillow's listing access standards.

Zillow called it unsurprising from "a defendant in our federal antitrust lawsuit" and defended its policy as protecting buyers from private listing schemes.

The fight is now playing out in ethics boards, federal court, and through NAR guidance that may force Zillow to display all active MLS listings on its VOW feed regardless of its own access standards. Neither side is backing down.

☀️ You’re all caught up. See you on Friday!

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