Real Estate

Mortgage demand drops as interest rates bounce higher


A ‘for sale’ sign hangs in front of a home on June 21, 2022 in Miami, Florida.

Joe Raedle | Getty Images

After falling for five straight weeks, mortgage rates jumped last week, triggering a decline in mortgage demand.

Total mortgage application volume fell 7.7% 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 ($726,200 or less) increased to 6.39% from 6.18%, with points rising to 0.70 from 0.64 (including the origination fee) for loans with a 20% down payment. The rate was 4.05% one year ago.

“Mortgage rates increased across…


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