A “For Sale” sign hangs in front of a home in San Mateo County, California, Aug. 22, 2023.
Liu Guanguan | China News Service | Getty Images
Higher mortgage rates continue to take their toll on mortgage demand, especially for refinancing.
Total mortgage application volume dropped 0.8% last week compared to 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 7.27% from 7.21%, with points increasing to 0.72 from 0.69, including the origination fee, for loans with a 20% down payment.
Demand for refinances dropped 5% for…