Mortgage Demand Drops As Interest Rates Soar, Locking More Out

  • Total mortgage application volume fell 7.7% last week as mortgage rates jumped higher.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.39% last week from 6.18% the previous week.
  • Applications to refinance a home loan dropped 13% for the week and were 76% lower than the same week one year ago.
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