- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.18% from 3.14%.
- Applications to refinance a home loan fell 1% for the week and were 16% lower than the same week one year ago.
Mortgage rates continued their trudge higher last week, leaving most homeowners with little to no incentive to refinance. Homebuyers, already battling a pricey market, lost more purchasing power due to those higher rates.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.18% from 3.14%, with points rising to 0.37 from 0.35 (including the origination fee) for loans with a 20% down payment. That is the highest rate since June of this year. Rates are up 15 basis points in the past month.
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