Mortgage applications stalled last week as the 30-year fixed rate held steady at 6.77%, leaving buyers and refiners on the sidelines. Home purchase applications dipped 2% weekly and 3% year-over-year, while refinances edged up 2% but remain 18% below last year’s levels. Economists point to affordability as the main hurdle, with high payments deterring would-be buyers amid broader economic uncertainty. Early signs hint at a slight uptick in rates this week, adding to the market’s holding pattern — when borrowing costs stay high, people wait for better conditions.
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