Mortgage rates continued to climb for the sixth straight week, reaching the highest level since November 2023. That caused weekly demand to drop 6%, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased last week to 7.30% from 7.12%, with points increasing to 0.75 from 0.73, including the origination fee, for loans with a 20% down payment. Refinance demand has been hit hardest, given that so few borrowers can now benefit at today's higher interest rates. Applications to refinance a home loan dropped 9% for the week and were 56% lower than the same week one year ago.
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