Mortgage rates dropped for the second week in a row, notching the largest decline since December 2008 the the real estate bubble was bursting. Mortgage rates are at their highest levels since the late 2000’s and listing prices have grown by more than 8.5% year-over-year for 24 consecutive months, said Joel Berner, Realtor.com’s senior economic research analyst. Mortgage applications dropped 5.4% in the week ending July 1 from the week before, according to the Mortgage Bankers Association. Mortgage rates tend to track 10-year US Treasury bonds. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and with it, mortgage rates.

Source: CNN July 07, 2022 17:09 UTC