Mortgage applications

The contract rate on a 30-year mortgage declined 10 basis points to 6.67% in the week ended Aug. 8, according to Mortgage Bankers Association data released Wednesday.

The mortgage numbers are a welcome boost to a market that has struggled to overcome high costs and prolonged economic uncertainty.

The uninspiring mortgage numbers come a week after the Mortgage Bankers Association downgraded its yearly origination forecast over economic uncertainty.

Mortgage applications to buy a home declined last week to the lowest level since late May as borrowing costs remained elevated.

The Mortgage Bankers Association's index of home-purchase applications advanced 9.4% in the week ended July 4, according to data out Wednesday.

Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.

Transaction-related details drove much of the increased threat, but risks eased over the previous two quarters, according to a new Cotality report.

Mortgage applications rose 1.1% last week, with borrowers most interested in FHA loans and refinancing.

Both purchase and refinance activity declined last week, despite rates falling to a two-month low with market concerns over geopolitical and tariff issues.

Mortgage applications rose 12.5% from last week, breaking a month-long streak of decline and offering a positive note as summer approaches.