Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.49% from 5.53%
Mortgage applications to purchase a home fell 12% week to week and were 15% lower compared with the same week one year ago.Mortgage rates actually fell slightly last week, but the damage has already been done to housing affordability. Both refinance and purchase loan demand dropped, pulling total mortgage application volume down 11% for the week, according to the Mortgage Bankers Association's seasonally adjusted index.
Mortgage applications to purchase a home declined 12% week to week and were 15% lower compared with the same week one year ago. That was the first weekly drop in homebuyer demand since the third week in April. Mortgage rates have risen over 2 full percentage points since the start of the year, and home prices are up more than 20% from a year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.49% from 5.53%, with points increasing to 0.74 from 0.73 for loans with a 20% down payment. Stay informed during the severe weather season with our local news and weather app. Get the NBC 5 Chicago app for
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