A “For Sale” sign outside a house in Albany, California, US, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade.
Joe Raedle | Bloomberg | Getty Images
Mortgage rates pulled back for the second straight week last week, and it was enough to get both current and potential homeowners on the phone with their lenders.
Mortgage application volume rose 7.2% 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 ($726,200 or less)…