Mortgage rates dropped for the second week in a row, but that didn’t revive demand from homeowners or potential buyers.
Rates fell 10 basis points last week and have declined 24 basis points in the last two weeks, but total mortgage demand dropped 5.4% from one week ago, according to data from the Mortgage Bankers Association. This week’s results include a holiday adjustment to account for early closings the Friday before Independence Day.
“Mortgage rates decreased for the second week in a row, as growing concerns over an economic slowdown and increased recessionary risks kept Treasury yields lower,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.Those concerns showed up in applications to refinance a home loan, which dropped 8% for the week and were down 78% from the same week one year ago. The refinance share of mortgage activity decreased to 29.6% of total applications from 30.
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