Mortgage demand stalls at a level not seen since 1996
PUBLISHED WED, SEP 13 20237:00 AM EDTUPDATED WED, SEP 13 20232:51 PM EDT
By: Diana Olick
POINTS
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances — $726,200 or less — increased to 7.27% from 7.21%.
- Demand for refinances dropped 5% for the week and was 31% lower than the same week one year ago.
- Applications for mortgages to purchase a home rose 1% week to week but were 27% lower than the same week one year ago.
WATCH NOWVIDEO06:08Higher mortgage rates continue to impact the housing markets
Higher mortgage rates continue to take their toll on mortgage demand, especially for refinancing.
Total mortgage application volume dropped 0.8% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
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