"Stagnant Mortgage Demand Persists Despite Lower Interest Rates"

Despite a slight decrease in average contract interest rates for 30-year fixed-rate mortgages, mortgage demand has stalled, with application volume remaining essentially flat and both refinance and purchase applications decreasing. Homebuyers are holding out for lower mortgage rates and more listings to hit the market, while economists predict rates to move towards 6% by the end of the year. Mortgage rates are currently driven by bonds, which are waiting on relevant economic data to offer a comment on the path of inflation and the economy.