Mortgage demand continues to drop as interest rates climb higher.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.91% last week from 6.69% the previous week.
Real estate agents Rosa Arrigo, center, and Elisa Rosen, right, work an open house in West Hempstead, New York.Mortgage rates shot higher last week, as stronger economic data stoked more fear that the Federal Reserve will not lower interest rates anytime soon. In turn, mortgage demand dropped to the lowest level since the end of February.
As a result, mortgage applications to refinance a home loan, which are most sensitive to rate changes, decreased by 7% last week from the previous week, seasonally adjusted. Application volume was 45% lower than the same week one year ago.
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