Mortgage applications increased 5.7% for the week ending July 23, mostly on the back of fast-falling mortgage rates.

The 10-year Treasury yield went into free fall last week, as investors grew concerned about the rise in COVID-19 variant cases and the potential economic fallout, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting.

That led to the 30-year fixed mortgage rate declining to its lowest level since February of this year, according to the latest report from the Mortgage Bankers Association. And the 15-year rate fell to a record details ⇒

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