April 23, 2024

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Mortgage demand takes huge hit as interest rates exceed 7%

Mortgage demand takes huge hit as interest rates exceed 7%

New homes go for sale at Woodland Village, built by housing developer Lifestyle Homes, in Cold Springs, Nevada, on June 28, 2023.

Andrey Tambunan | AFP | Getty Images

Mortgage interest rates rose last week to the highest level since early December, severely impacting mortgage demand. Total application volume fell 10.6% 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 ($766,550 or less) rose to 7.06% from 6.87%, with points increasing to 0.66 from 0.65 (including origination fee) for 20% loans. . Premium.