Mortgage rates are on a downward trend, with the average rate on a 30-year fixed mortgage dropping from around 6.9% to the 6.6% range over the last month. But a shaky economy will likely keep the housing market frozen for a while.

The spread between 30-year mortgages and 10-year yields typically fluctuates between 100 and 300 basis points. Read more here.

Total mortgage application volume jumped 20.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

After the 2008 financial crisis, the housing market recovered fairly well, with mortgage rates remaining below 5% and competitive housing prices. However, the post-COVID housing market faces instability and long-lasting affordability concerns,