Demand for mortgages drops
Demand for mortgages is down from last week, despite a continued drop in rates.
The average contract interest rate for 30-year fixed-rate mortgages has fallen to 6.83%.
Despite this, mortgage applications dropped by 1.5% in a week.
Applications to refinance a home loan also dropped by 2%.
Even with the drop in demand, experts predict good news ahead for the housing market.