Last week, mortgage rates climbed significantly, leading to a decline in overall mortgage demand. The seasonally adjusted Index from the Mortgage Bankers Association (MBA) showed that the total number of mortgage applications fell by 0.7% compared to the previous week. This marks the first decline in five weeks. Mortgage applications for purchasing homes increased by 1% this week, up 6% from the same period last year. Joel Kan, Vice President and Deputy Chief Economist at the MBA, stated that traditional and online purchase applications have driven the growth in weekly and annual purchase activity this week. Buyers remain active in the housing market, thanks to gradually improving inventory conditions and a more optimistic outlook for the economy and job market. Another survey from Daily Mortgage News indicated that mortgage rates began to stabilize this week as the market awaits the Federal Reserve's meeting. The Fed is expected to lower interest rates, but some analysts suggest this may be the last rate cut for a while.