Mortgage interest rates surged last week to their highest level in a month, and consequently homebuyers turned on their heels.
Mortgage application volume decreased 1.1% last week from the previous week, according to the Mortgage Bankers Association.Mortgage applications to purchase a home fell 4% for the week but were 7% higher than a year ago.Interest rates surged last week to their highest level in a month, and consequently homebuyers turned on their heels.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.12% from 4.04%, with points increasing to 0.38 from 0.37 for loans with a 20% down payment. "Refinance applications increased, with activity reaching its highest level in a month, driven mainly by FHA refinance applications. Historically, government refinance activity lags slightly in response to rate changes," said Joel Kan, an MBA economist.
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