- Mortgage rates just continue to climb higher, taking a particularly big leap last week. As a result, total mortgage demand fell 6% 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 ($726,200 or less) increased to 7.53% from 7.41%, with points rising to 0.80 from 0.71 (including the origination fee) for loans with a 20% down payment. That rate was 6.75% the same week one year ago.
- “Mortgage rates continued to move higher last week as markets digested the recent upswing in Treasury yields,” said Joel Kan, MBA’s vice president and deputy chief economist. “As a result, mortgage applications ground to a halt, dropping to the lowest level since 1996.”
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#Bidenflation Killing House Buying, Mortgages Near 8%, Demand Lowest In 25 Years
A For Sale sign is posted in front of a property in Monterey Park, California on August 16, 2022. - The US housing market is declining amid higher interest rates with fewer starts and more cancelled deals. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)
