Key takeaways

• Mortgage demand dipped for a second straight week with total applications down 0.3%, purchase applications down 2%, and refinancing up just 1% for the week ended Feb. 6.
• As affordability pressures persist, more borrowers are turning to lower-cost options, such as FHA loans and adjustable-rate mortgages.
• Rate differences are driving those choices, with a 30-year FHA loan at 5.69% versus 6.11% for a 30-year fixed mortgage as of Tuesday afternoon.