Mortgage Applications Fall as Market Awaits Fed Decision

Mortgage rates rose last week, causing a major drop in applications, down 8% week-over-week, according to the Mortgage Bankers Association.

Conventional Mortgage rates rose to 6.24% on 30-year fixed rates, climbing to a 2026 high.

Refinancing applications fell twice that of new home buyers, but more than double what they were one year ago.

In terms of supply, there is more homes for sale in the market, but the real estate market suffers from low inventory for the middle market.

Federal Reserve Chair Jerome Powell will speak today, with most analysts expecting no change in benchmark interest rates.