General World News

30-year rate drops below 3% for first time since February

Mortgage applications fell 1.7% in the week ending July 30, according to the latest report from the Mortgage Bankers Association. That’s despite the 30-year fixed rate falling to its lowest level in roughly six months.

It’s an about-face from the prior week, in which applications increased 5.7% on the strength of descending mortgage rates.

Mike Fratantoni, MBA’s senior vice president and chief economist, said this past week’s drop in mortgage applications can be attributed to the market’s assessment of the latest COVID-19 delta variant.

“Thirty-year mortgage rates dropped below 3% in our survey for details ⇒

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