Mortgage applications jumped 1.2 percent from a week ago, according to data from the Mortgage Bankers Association.
The group said falling mortgage rates are behind the uptick — and falling mortgage rates are due to a broader slowdown in wages and economic growth.
"Purchase applications continued to be hampered by broader weakness in the housing market and declined slightly over the week, with the index slipping to its lowest level since 2014,” said Joel Kan, vice president and deputy chief economist at MBA.
The average contract interest rate for 30-year fixed-rate mortgages fell 16 basis points from 6.58 percent to 6.42 percent.
There was also a notable bump in refinancing applications. Their share of mortgage activity increased to 30.7 percent from 30.3 percent a week ago, also on the back of falling mortgage interest rates.
This is still down 80 percent from a year ago, when rock-bottom rates led to a spree of refinancing activity.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
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