Mortgage demand drops as interest rates bounce higher

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.39% last week from 6.18% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.39% from 6.18%, with points rising to 0.70 from 0.64 for loans with a 20% down payment. The rate was 4.05% one year ago.inflation will persist Applications to refinance a home loan dropped 13% for the week and were 76% lower than the same week one year ago. At the current rate, 100,000 fewer borrowers can benefit from a refinance compared with just one week ago, according to data from Black Knight. A year ago, with mortgage rates at 4.05%, there were just under 4 million refinance candidates.

"I actually thought, my God, this is amazing. Look at how fast it turned on a dime," said Dana Rice, a real estate agent with Compass, who was running a busy open house in Bethesda, Maryland, on Saturday. "We went from no showings and nobody coming to open houses, that every single thing that I've launched in the last couple of weeks has had multiple offers."

DianaOlick Dividends fall as house prices fall period is also shorter

DianaOlick Finally people stop giving away their money to the banks. These rates or adbsurd!

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