Despite some misreports of a “market rebound” last week, purchase mortgage application volume in the U.S. dropped another 6 percent in the absolute, representing a 10 percent drop on a seasonally adjusted basis and a 13 percent drop versus the same time last year, at which point application volume was down 41 percent from 2022, based on application data from the Mortgage Bankers Association.

At the same time, the average rate for a 30-year jumbo mortgage jumped to 7.16 percent and the average rate for a benchmark 30-year mortgage is poised to rise, none of which should catch any plugged-in readers by surprise.

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