Mortgage demand drops to the lowest level since 1996, as interest rates head toward 8%

by anastasiakaufman-chime-me

PUBLISHED WED, OCT 4 2023 7:00 AM EDT

A house is for sale in Arlington, Virginia, July 13, 2023. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images) — A house is for sale in Arlington, Virginia, July 13, 2023.Saul Loeb | AFP | Getty Images

Mortgage rates just continue to climb higher, taking a particularly big leap last week. As a result, total mortgage demand fell 6% 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 ($726,200 or less) increased to 7.53% from 7.41%, with points rising to 0.80 from 0.71 (including the origination fee) for loans with a 20% down payment. That rate was 6.75% the same week one year ago.

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