Mortgage rates last week rose to the highest level in nearly three years. That kept demand for both refinances and home purchases on their steep and steady decline. Total mortgage application volume dropped 4.2% compared with the previous week, 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 7.49% from 7.30%, with points increasing to 0.84 from 0.75, including the origination fee, for loans with a 20% down payment. Applications to refinance a home loan, which are highly rate-dependent, dropped 8% for the week and were 56% lower than the same week one year ago.
We show the main point publicly. Create a free account to continue reading the full article, save it, discuss it, and connect it with market and OSINT context.