US mortgage applications fell 5.3% last week, as potential homebuyers remained discouraged by elevated borrowing costs despite a slight rate reduction.
The average interest rate on 30-year fixed-rate mortgages decreased to 7.41% from 7.50% the previous week, according to the Mortgage Bankers Association.
Adjustable-rate mortgages maintained a 10.5% market share as borrowers sought lower initial rates amidst continued housing market cooling.