Mortgage demand continues to fall as interest rates rise further and affordability in the housing market weakens.
Highlights
- Mortgage demand continues to fall as interest rates rise further and affordability in housing market weakens.
- Average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances $647,200 or less increased to 5.40% from 5.33%.
- Mortgage Bankers Association: Total mortgage application volume fell 6.5% last week.
- Refinance demand, which is most sensitive to weekly rate moves, fell another 6% for the week and was 75% lower than the same week one year ago.
- Even those who would like to pull cash out of their homes are choosing second mortgages, rather than refinancing their first liens.