Real Estate Mortgage rates finally stop rising, causing demand to trickle back

After five weeks of gains, mortgage rates fell very slightly last week. That was enough to bring a bit of demand back to the market.

Total mortgage application volume rose 3.6% last week 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, $832,750 or less, decreased to 6.77% from 6.81%, with points increasing to 0.67 from 0.65, including the origination fee, for loans with a 20% down payment. LEARN MORE...