Mortgage demand dropped as interest rates remain stubbornly high.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 6.87%
Mortgage rates didn't move at all last week, and are still sitting near a recent high. With home prices continuing to rise, that pushed more potential homebuyers to the sidelines. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 6.87%, with points decreasing to 0.65 from 0.66 for loans with a 20% down payment. That rate crossed over 7% a few weeks ago and has yet to retreat much.
"The decrease in FHA purchase applications contributed to an increase in the overall average purchase loan size to $432,700, its highest level since the end of this May," said Joel Kan, an MBA economist, indicating that more activity is now on the higher end of the market.
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