Weekly mortgage demand drops 6%, as homebuyers remain 'on the fence'

Mortgage rates dipped slightly last week, leading to a decrease in mortgage demand as housing affordability continues to impact potential buyers. The average contract interest rate for 30-year fixed-rate mortgages dropped to 6.93%, with points increasing to 0.66, resulting in a 6.6% decline in total mortgage application volume. Despite a 7% drop in applications to refinance and a 6% decrease in purchase applications, the overall year-over-year numbers remained higher, with economic uncertainty and housing affordability continuing to influence buyer behavior.

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