Weekly mortgage demand drops as interest rates hit the highest level since August

by anastasiakaufman-chime-me

Published Wed, Oct 9 20247:00 AM EDTUpdated Wed, Oct 9 20248:48 AM EDT

A for sale sign is displayed outside of a home for sale on August 16, 2024 in Los Angeles, California. United States real estate industry rules governing agent commissions will change on August 17 as part of a legal settlement between the National Association of Realtors and home sellers. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)

A for sale sign is displayed outside of a home for sale on August 16, 2024 in Los Angeles, California.Patrick T. Fallon | AFP | Getty Images

An abrupt turn higher for mortgage interest rates caused weekly demand from both potential homebuyers and current homeowners to drop. Total mortgage application volume fell 5.1% 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, $766,550 or less, increased to 6.36% from 6.14%, with points rising to 0.62 from 0.61, including the origination fee, for loans with a 20% down payment. That was the highest rate since August.LEARN MORE…

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