19 Nov Real Estate Mortgage rates hit highest level in a month, pushing loan demand down 5% – CNBC
Key Points
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- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased last week to 6.37% from 6.34%
- The overall average loan size across both purchase and refinance applications fell to its lowest level since August of this year.
- Applications for a mortgage to purchase a home fell 2% for the week.
Mortgage rates rose for the third consecutive week, causing demand from both current homeowners and potential homebuyers to drop. Total mortgage application volume fell 5.2% last week compared with 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, $806,500 or less, increased last week to 6.37% from 6.34%, with points remaining unchanged at 0.62, including the origination fee, for loans with a 20% down payment. That is the highest level in four weeks.