Real Estate

Slight drop in mortgage rates didn’t stop the bleeding in refinances

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Higher mortgage rates are hitting the refinance market hard and may finally be taking their toll on homebuyers.

Mortgage application volume fell 2.2% 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 ($548,250 or less) did fall slightly to 3.33% from 3.36%, with points decreasing to 0.39 from 0.42 (including the origination fee) for loans with a 20% down payment. The rate, however, had been rising for seven straight weeks and is now significantly higher than at the start of this year.

As a result, applications to refinance a…



Source cnbc.com

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