Mortgage demand continues to fall as interest rates surge higher.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.70% from 7.67%.
Applications for a mortgage to purchase a home dropped 6% week-to-week and were 21% lower than the same week one year ago.Mortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995. Total application volume fell 6.9% 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 increased to 7.70% from 7.67% and points decreased to 0.71 from 0.75 for loans with a 20% down payment. That is the highest rate since November 2000. The rate was 6.94% during the same week one year ago.Applications for a mortgage to purchase a home dropped 6% week-to-week and were 21% lower than the same week one year ago.
Mortgage rates moved even higher to start this week, with the 30-year fixed hitting 7.92% Tuesday, according to Mortgage News Daily. That is a cyclical high. The increase was due to a much stronger-than-expected monthly retail sales report.
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