Mortgage application activity slightly decreased, with home-purchase applications falling below last year's level due to affordability challenges and economic uncertainty. The average 30-year mortgage rate remains elevated around 6.7%. Price-sensitive buyers are increasingly priced out, especially for starter homes under $370,000, while luxury buyers stay active. Cash buyers are retreating faster than the market overall, but increased inventory and moderating prices help financed buyers compete. Refinances rose slightly but remain below last year's pace.