Demand for mortgages drops

Mortgage demand is down

Mortgage demand is down despite a drop in interest rates.

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.