**Article Analysis:**
**3 Highlights:**
1. Mortgage rates decreased slightly last week, leading to a significant increase in mortgage demand for the second consecutive week. The total application volume rose by 7.1% compared to the previous week.
2. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances also decreased, dropping to 6.84% from 7.02%. This drop in rates was attributed to weaker economic data, showing a less robust job market.
3. While applications for refinancing a home loan surged by 12% for the week, applications for purchasing a home also saw an increase of 5%. However, homebuyers are facing challenges such as high interest rates, soaring home prices, and a limited supply of houses for sale.
Editorial content by Avery Redwood
