Fast-rising mortgage rates are causing homebuyers to rush into the housing market before they get priced out.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.64% from 3.52% last week, according to the Mortgage Bankers Association.Applications for a mortgage to purchase a home jumped 8% for the week and set a record for loan size.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.64% from 3.52%, with points remaining unchanged at 0.45 for loans with a 20% down payment. That rate was 72 basis points higher than the same week one year ago and has increased more than 30 basis points in just the last two weeks.
"Mortgage rates hit their highest levels since March 2020, leading to the slowest pace of refinance activity in over two years. FHA and VA refinance declines drove most of the refinance slowdown," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "The slower growth in government purchase activity is also contributing to the larger loan balances and suggests that prospective first-time buyers are struggling to find homes to buy in their price range," added Kan.
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