Mortgage demand flatlines at low levels, as mortgage rates hit 4-week high

Published Wed, Jul 23 20257:00 AM EDTUpdated Wed, Jul 23 20258:10 AM EDT

By: Diana Olick

A completed planned development is seen in Ashburn, Virginia, on Aug. 14, 2024.Andrew Caballero-Reynolds | AFP | Getty Images

Mortgage rates rose last week to the highest level in four weeks, but mortgage demand didn’t really move. Total mortgage application volume increased 0.8% last week from 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, $806,500 or less, increased to 6.84% from 6.82%, with points remaining unchanged at 0.62, including the origination fee, for loans with a 20% down payment. LEARN MORE…

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