The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances slipped to 6.91% from 6.93%
Total mortgage application volume last week was essentially flat, dropping 0.6% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home fell 0.1% from one week earlier and were 13% lower than the year-earlier week. Purchase demand now is about half of what it was in March 2020, before the Federal Reserve dropped rates to zero, igniting a massive homebuying boom, which wiped out already low supply. With rates now double what they were back then, sellers are stuck in place, and buyers can afford far less.
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