For the week ending July 1, the Mortgage Bankers Association reported a 5.4% decrease in mortgage applications from the previous week.
have driven mortgage rates higher, they recently have started to ease, falling 24 basis points over the past two weeks.
However, MBA associate vice president of economic and industry forecasting Joel Kan says the slight dip in rates is not enough to change prospective homebuyers' minds. "Rates are still significantly higher than they were a year ago, which is why applications for home purchases and refinances remain depressed," Kan said in a statement. "Purchase activity is hamstrung by ongoing affordability challenges and low inventory, and homeowners still have reduced incentive to apply for a refinance."
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.74% from 5.84%. The average home purchase loan size for the week ending July 1 was $405,200, down from $413,500 for the week ending June 24, but 21% higher than the same week one year ago.
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