CNBC headline: Mortgage demand stalls again, even as interest rates swing briefly lower
PUBLISHED WED, JUN 29 20227:00 AM EDT</b.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.84% from 5.98% last week, causing mortgage refinance demand to rise slightly.
Homebuyer demand was flat for the week and down 24% from a year ago.
After rising steadily for three weeks, mortgage rates dipped slightly last week, prompting a small increase in refinance activity. Activity from homebuyers, however, pulled back further, leaving total mortgage demand basically flat from 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 ($647,200 or less) decreased to 5.84% from 5.98%, with points decreasing to 0.64 from 0.77 (including the origination fee) for loans with a 20% down payment.
Applications to refinance a home loan rose 2% for the week but were 80% lower than the same week one year ago. The refinance share of mortgage activity increased to 30.3% of total applications from 29.7% the previous week.