Overview

• Rates on 30-year new purchase mortgages have remained at 6.76% for three consecutive days, just a basis point above their cheapest level since early April.
• Refinance rates for 30-year loans dropped to 6.95%, the lowest reading since April 4 after five declines over seven trading days.
• Homeowners submitted 7% more refinance applications last week compared with the prior week and 40% more than a year ago, per the Mortgage Bankers Association.
• Applications for purchase mortgages were essentially flat, edging up just 0.1% week-over-week and rising 16% year-over-year.
• Lower Treasury yields and a steady Federal Reserve policy outlook have slashed borrowing costs, saving borrowers about $1,020 annually on a $350,000 30-year loan since late May.