The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat.
While sales and price growth have softened these last few months, this leveling of rates may be helping more buyers reach the market. Purchase mortgage applications this week were once again modestly above year ago levels.

Information provided by Freddie Mac.

Mortgage rates inched backward this week to their lowest level since mid-April.
Backed by very strong consumer spending, the economy is red-hot this month, which is in turn rippling through the financial markets and driving equities higher.
Unfortunately, the same cannot be said about the housing market, where it appears sales activity crested in late 2017. Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were barely above year ago levels.

Mortgage rates remained mostly flat over the past week, which has been the dominant theme since late spring.
This stability in borrowing costs comes despite the highest core inflation rates since 2008 and turbulence in the currency markets. Unfortunately, this pause in rates is not leading to increasing home sales.
Purchase mortgage applications trailed year ago levels again last week, and it’s clear in some markets that the combination of ascending home prices, limited affordable inventory and this year’s higher rates are curtailing homebuyer demand.