Homebuyer mortgage demand drops further, as economic uncertainty roils the housing market

Mortgage rates stayed steady this week, but homebuying activity dropped 4%, driven by concerns over the broader economy and signs of labor market weakness. Applications for fixed-rate mortgages fell alongside those for refinancing, which also saw a slight decline as rates remained near historically high levels. With slower pace of mortgage activity likely to continue, buyers may hold off on purchases until broader economic indicators stabilize following significant data releases later in the week.