Mortgage rates continue to drift downward

“Overall applications climbed last week, driven heavily by increased refinancing as rates dipped again,” Joel Kan, an MBA economist, said in a statement. “Treasury yields have trended lower over the past month as investors remained concerned about the COVID-19 variant and slowing economic growth. … Refinance applications increased over 20 percent last week after adjusting for the July 4th holiday, aided by a 23 percent increase in conventional refinance applications. Also, there may have been a delayed spillover of applications from the previous week, when rates also decreased, but there was not much of response in terms of refinance applications.”