An “Open House” sign is displayed in the front yard of a home for sale in Columbus, Ohio.
Ty Wright | Bloomberg via Getty Images
Higher mortgage rates and a winter weather disaster combined to weaken mortgage demand last week.
Total mortgage application volume fell 11.4% 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 ($548,250 or less) increased to 3.08% from 2.98%, with points increasing to 0.46 from 0.43 (including the origination fee) for loans with a 20% down payment. That rate was 65 basis points higher than a year ago.