Mortgage applications fell 3.7% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.91%.
The numbers: Mortgage rates are inching closer to 7% as inflation appears to show few signs of cooling.
Rates rose to their highest level since November 2022 in the latest week, pushing demand for mortgages down by 3.7%. The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 6.91% for the week ending May 26. That’s up from 6.69% the week before, the MBA said.
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