Overview

• May mortgage demand fell 4.5% year over year even after rates dipped to their lowest point since April.
• Purchase applications declined 3% in the past week and refinance requests slipped 2% despite cheaper borrowing costs.
• New single-family home sales plunged 12.1% month to month to an estimated 631,000 units, marking the slowest pace in three months.
• Freddie Mac reports the 30-year fixed-rate average eased for a third straight week, dropping to 6.81%.
• The 10-year Treasury yield has fallen from 4.58% to 4.35% in recent weeks, exerting downward pressure on mortgage rates ahead of the Fed meeting.