The national average for 30y mortgage rate dropped from 6.91% to 6.81% but applications for a mortgage to purchase a home fell 2% this week and 27% lower than last year according to the Mortgage Bankers Association.

Refinance applications as expected fell 1% and were 42% lower than last year.

Its about rates, its about inventory and the fear of a recession. Its Wednesday, have a fantastic rest of your week.