Mortgage Rates Fall Nearly 1% in Housing Market Tracker

Mortgage rates dropped almost 1% last week as the 10-year yield broke below a critical technical level. Active inventory rose slightly, but new listing data is still trending at all-time lows. Purchase applications fell 4% weekly, breaking a four-week streak of positive growth and are still down -35% year over year. The upcoming inflation data and retail sales will impact pricing in the bond market and mortgage rates.