Mortgage applications fall despite declining mortgage rates

Mortgage demand decreased for the first time since November as mortgage rates hit their lowest level since June 2023. Home loan applications fell by 1.5% compared to the previous week. The 30-year fixed loan rate averaged 6.83%. Refinance and purchase applications both showed small declines, except for VA refinance applications which increased by 18%. The share of FHA loan activity decreased, while the share of VA loan activity increased. USDA loan activity remained unchanged.