Real Estate

Mortgage refinance demand recovers some after rates come off highs


Blaine, Minnesota. Brand new townhomes for sale with new construction financing and a builders credit of $4,500 to attract new buyers.

Michael Siluk | Universal Images Group | Getty Images

Mortgage interest rates pulled back last week after jumping sharply to start July. That lit a fire under refinance demand but did little to help potential homebuyers

Total mortgage application volume rose 1.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

This comes as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.87% from 7.07%, with points…


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