Fewer Americans are applying for mortgages despite lower rates — even as lending standards tighten — signaling that high prices and financial pressures are outweighing modest rate relief. For the week ending Jan. 2, mortgage applications fell 9.7% from two weeks earlier, a steep drop marking a new low to close out 2025, according to the Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications Survey. That’s a roughly 10% decline, meaning fewer people are trying to buy or refinance homes. ...