A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022.
David Paul Morris | Bloomberg | Getty Images
Mortgage rates last week hit their highest level since the end of May, which in turn weighed on mortgage demand.
Total mortgage application volume dropped 4.4% last week compared with the previous week, according to the Mortgage Bankers Association‘s seasonally adjusted index. Demand is now at its lowest level in a month.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.85% from 6.75%, with points rising to 0.65 from 0.64 (including the origination fee) for loans with a 20% down…