Mortgage rates have declined for the third consecutive week, leading to a slight increase in overall mortgage applications. The 30-year mortgage rate averaged 6.73% in mid-June, resulting in a 0.5% rise in mortgage applications. Homeowners showed less interest in refinancing, as the refinance index fell by 2.1%. The average contract rate for a 30-year mortgage for homes sold at or below $726,200 was 6.81%, while the rate for jumbo loans (homes sold for over $726,200) was 6.73%. The 15-year mortgage rate increased slightly to 6.26%, and the rate for adjustable-rate mortgages rose to 6.09%. Despite the strong interest in purchasing homes, the limited supply of available homes is hampering buyers. Additionally, most homeowners already have mortgage rates below 6%, resulting in little incentive for refinancing. The housing market is standing until home-buying demand decreases or the housing supply improves.