Meanwhile, some movement on the housing front with demand for mortgages ticking up last week. Diana Ol has the numbers for us. Hi, Diana.>> Hey, Court. Yeah, even though we're heading smack into the slowest season for housing, home buyers seem to be making maybe one last gasp, likely because of more supply on the market and softening prices. Mortgage applications to buy a home rose 6% last week to their strongest pace since September, according to the Mortgage Bankers Association.Now, volume was 31% higher ...

While overall mortgage demand has weakened, there's a growing trend when it comes to home borrowers adjustable rate mortgages. Our Diana Olic is here with that story. Morning, Diana. >> Good morning, Carl.Yeah, mortgage demand fell again last week, even as interest rates eased slightly. The average rate on the 30-year fix dropped to 6.43% from 6.46%. And that's for loans with 20% down or conforming loans.Applications to refinance fell 8% for the week, and applications for a mortgage to buy a home fell 1%. A ...

Mortgage Rate Trends - The average rate on the 30-year fixed mortgage dropped to 634%, the lowest since September of last year [1][2] - Mortgage rates experienced volatility, initially falling to a three-year low before rising almost 25 basis points after the Federal Reserve cut rates [2] - A rise of 25 basis points can significantly impact the perceived savings and confidence in future rate decreases [2][5] Mortgage Demand - Overall mortgage demand stalled last week, despite falling interest rates [1] - Refinance demand increased by only 1% for the week, but was still 42% higher than the same week a year ago [2][3] - Mortgage applications to buy a home were essentially flat, up just 03% for the week, and up 18% from the same week a year ago [3] - Demand for adjustable-rate mortgages (ARMs) fell back again last week after a surge the week before [3] Borrower Behavior - Borrowers were seeking any type of savings on monthly payments, leading to initial interest in ARMs [3] - Significant savings, such as $1,000 per month on a large mortgage, could be achieved by switching from fixed rates (high sixes or 7%) to ARMs (well into the 5% range) [4][5] - Some believe the Federal Reserve will continue to cut rates, while others think the 10-year yield won't move much further [4]