Source: CNBC
“Mortgage interest rates moved even higher last week, causing demand for loans to weaken yet again. Total mortgage application volume dropped 1% from 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 of up to $832,750 increased last week to 6.78% from 6.77% the prior week, with points rising to 0.66 from 0.65, including the origination fee, for loans with a 20% down payment. That is the highest level in three weeks. Applications to refinance a home loan, which are most sensitive to weekly rate moves, fell 2% for the week. They were 17% lower than the same week one year ago, when rates were 9 basis points lower.” (08/26/26)