Mortgage applications decreased 4% for the week ending July 16, just one week after applications jumped 16% on the strength of falling mortgage rates.

The 10-year Treasury yield dropped sharply last week, in part due to investors becoming more concerned about the spread of COVID variants and their impact on global economic growth, according to the latest survey from the Mortgage Bankers Association. This, in turn, led to mixed changes in mortgage rates.

“The 30-year fixed rate increased slightly to 3.11% after two weeks of declines, and other surveyed rates moved lower, with the details ⇒

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