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.
Can blockbuster movies and streaming thrive together? Paul Dergarabedian breaks down The Odyssey's record box office, Netflix's earnings, and Hollywood's future
BMO Wealth Management's Carol Schleif breaks down inflation, Fed policy, earnings, AI investment, and where investors may find opportunities in today's market.
Fast Company's Christopher Zara breaks down the OpenAI-Apple legal battle, the AI chip race, and what's next for the future of artificial intelligence.
Glacier CEO Rebecca Hu-Thrams explains how AI-powered robots are making recycling smarter, reducing landfill waste, and transforming the future of waste.
Deep Fission CEO Liz Muller discusses underground nuclear reactors, powering AI, cutting energy costs, and why the future of clean power may be below ground.
Adidas shares how FIFA World Cup 2026 will drive innovation, fan engagement, and billions in opportunity with new gear, technology, and business strategy.
