Mortgage Bankers Association (MBA)

Drop driven by lenders streamlining offerings; jumbo credit drops 13.4%.

Applications increased 1.2% as mortgage rates fell the most since 2020.

The Biden Administration announced a plan with billions of dollars for new steps to tackle the housing supply crisis.

The national median payment applied for by applicants was down just four dollars to $1,893 in June from $1,897 in May.

MBA says applications decreased nearly 2% from last week, the fourth straight weekly decline.

Economic research team says there’s a 50% chance for a recession