- The average rate for 30-year fixed-rate mortgages increased to 3.06% from 2.99% last week.
- Applications to refinance a home loan, which are highly rate-sensitive, fell 5% last week from the previous week.
- Mortgage applications to purchase a home, which are less sensitive to weekly rate moves, fell 2% for the week and were 19% lower than a year ago.
Borrowers backed away from the mortgage market last week, as higher interest rates chilled a recent revival in refinances.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.06% from 2.99%, with points increasing to 0.34 from 0.30 (including the origination fee) for loans with a 20% down payment.
Mortgage applications to purchase a home, which are less sensitive to weekly rate moves, fell 1% for the week and were 19% lower than a year ago. Homebuyers have been pulling back for several weeks now, as affordability weakens and the supply of homes for sale improves only slightly.
"Despite a second-straight weekly decrease, average loan sizes remain close to record highs. This is a continuing sign that sales prices are still elevated, driven by stiff competition leading to accelerating home-price growth," Kan said.
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