Fixed mortgage rates are back down to February lows after sharp decline in bond yields and removal of unpopular refinance fee

“On a seasonally adjusted basis compared to the July 4th holiday week, mortgage applications were lower across the board, with purchase applications back to near their lowest levels since May 2020,” Joel Kan, an MBA economist, said in a statement. “Limited inventory and higher prices are keeping some prospective home buyers out of the market. Refinance activity fell over the week, but because rates have stayed relatively low, the pace of applications was close to its highest level since early May.”