Loan Demand Falls As Rates Rise

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages rose to 4.80 percent last week, up from 4.77 percent the week before. The Refinance Index, after three consecutive weeks of increases, fell 15.3 percent and total loan application volume dropped 12.9 percent. Still, the four-week moving average for the Market Composite Index, measuring all loan application activity, was down just 1.0 percent. More here and here.

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