Mortgage rates edge down to 6.57% but application volume drops 2.5% as demand remains weak
By
Diana Olick
Hard to chew. Probably not worth the jaw work.
Summary
Mortgage rates dipped slightly to 6.57% last week, but the decrease was insufficient to stimulate housing demand. Total mortgage application volume fell 2.5% week-over-week, according to the Mortgage Bankers Association's seasonally adjusted index. The data, adjusted for the Memorial Day holiday, indicates that neither homeowners nor potential buyers were motivated by the modest rate decline.
Key quotes
· 3 pulledMortgage rates finally eased a bit last week, but it was not enough to light a fire under demand.
Total mortgage application volume dropped 2.5% compared with the previous week according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 6.57% from 6.65%
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