Weekly mortgage refinance applications came back after soaring last week.dropped 0.33% to 17,816.94. Tuesday's losses snapped an eight-day win streak for the S&P 500 and the Nasdaq Composite. In fact, if the S&P 500 had finished Tuesday with a positive gain, it would have marked the index's longest winning streak since 2004. Investors will turn their attention to minutes from the Federal Reserve's July policy meeting that are due Wednesday.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyhave come back down to earth after soaring last week. The Mortgage Bankers Association's seasonally adjusted index showed that applications to refinance a home loan fell 15% from the previous week. While mortgage rates are falling, and are now at 6.5%, most borrowers who already own homes have rates well below 5%, as they fell below 3% in the first two years of the pandemic.