- The average contract interest rate for 30-year fixed-rate mortgages increased to 3.10% from 3.03% in the past week.
- Applications to refinance a home loan decreased 1% last week from the previous week.
- The average loan size for a purchase application reached $410,000, its highest level since May.
Higher interest rates took some recent wind out of the sails in the mortgage market.
After gains the previous week, total mortgage application volume fell 1.1% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
Applications to refinance a home loan, which are highly sensitive to weekly rate movements, decreased 1% from the previous week and were essentially flat from a year ago. The increase in interest rates occurred late in the week and continued into this week, suggesting the negative effect on refinance demand will be more severe in next week's report.
Mortgage applications to purchase a home fell 1% last week and were 12% lower than a year ago. The weakness in purchase demand is less about rising interest rates, which are still historically low, and more about sky-high home prices.
Prices nationally increased 19.7% year over year in July, up from an 18.7% annual increase in June, according to the latest S&P CoreLogic Case-Shiller Home Price Index. That's another record increase.
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