Mortgage rates rose for the third straight week last week, matching a 22-year high. As a result, mortgage demand dropped as well.
Total mortgage application volume was 29% lower than the same week one year ago, according to the Mortgage Banker's Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.16% from 7.09%, with points decreasing to 0.68 from 0.70 for loans with a 20% down payment. That was the third straight weekly increase and the highest level since October 2022, which was also the highest level since 2001.Sign up for NBC San Diego newsletters.
"Treasury rates were elevated again last week following mixed data on inflation and more indication of resiliency in the economy, which may pose a challenge to the Federal Reserve's efforts to lower inflation," said Joel Kan, an MBA economist, in a release. As a result, mortgage demand from homebuyers was essentially flat week to week and 26% lower than the same week one year ago. The adjustable-rate share of these applications did rise slightly, as ARM loans offer slightly lower rates, and buyers are looking for a break where they can find it.
Applications to refinance a home loan fell 2% for the week and were 35% lower than the same week one year ago. Last year the 30-year fixed was 5.45%, but the year before it was in the 3% range, so there are very few borrowers who can now benefit from a refinance.
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