Mortgage Refinance Demand Drops 20% as Rates Rise

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Mort­gage rates moved high­er again last week, caus­ing home­own­ers and poten­tial home­buy­ers to pull back on borrowing.Overall mort­gage appli­ca­tion vol­ume decreased 5.1% 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 ($548,250 or less) increased to 3.36% from 3.33%, with points increas­ing to 0.43 from 0.39 (includ­ing the orig­i­na­tion fee) for loans with a 20% down payment.As a result, appli­ca­tions to refi­nance a home loan, which are most sen­si­tive to week­ly rate moves, fell 5% for the week and were 20% low­er than a year ago. That is the slowest …

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