Real Estate

Mortgage demand inches higher as interest rates move lower


A For Sale sign appears in front of a house on Oak Street in Patchogue, New York, on May 17, 2022.

Steve Pfost | Newsday | Getty Images

After a month of declines, mortgage application volume is rising, as current homeowners and potential buyers move on lower mortgage rates.

Applications rose 3.2% 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 ($647,200 or less) did increase ever so slightly last week to 6.42% from 6.41%, with points increasing to 0.64 from 0.63 (including the origination fee) for loans with a 20% down…


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