Refi demand kept falling last week, even with rates down

Mortgage applications eased again last week, even though rates ticked lower. The Mortgage Bankers Association tracks weekly volume, and the numbers show that a little rate relief wasn't enough to bring borrowers back in. Refinances stayed flat or dropped. Purchase apps held up better, but not by much. Translation: your buyers are still cautious, and your seller who's waiting to refinance and move up isn't feeling the urgency yet.

Today's average rate sits at 6.5%, down from 6.52% last week. That's real, but it's not dramatic enough to flip the mindset. Most borrowers locked in the threes or low fours over the last few years. They're not refinancing into the sixes, and they're not listing if it means trading up into a higher payment. Inventory is building a bit, new home sales cooled in April, and supply ticked up, but it's still not flooding the market.

For your listings: price matters more than ever, because buyers have options now and they're comparing hard. For your buyers: if they're approved and the payment works, this is the window. Rates could ease another tenth or two if the Fed shifts later this month, but no one's banking on a big drop. I'm here when you need a same-day preapproval or a straight answer on what a client qualifies for. Text or call anytime: (949) 350-8005.