Mortgage rates aren't low enough to spur application activity
Mortgage rates fell to 6.64%; refinances rose modestly (driven by FHA and VA) while purchase applications pulled back despite higher year-over-year levels.
ICE reports affordability reaches best level since early 2023
U.S. home affordability improved to a 2.5-year high as 30-year mortgage rates fell to about 6.25%, lowering monthly payments and boosting purchase demand.
