Real Estate

Volatile interest rates cause mortgage demand to drop


Daniel Acker | Bloomberg | Getty Images

Mortgage rates have been on a roller coaster lately, albeit a low-riding one. A mixed picture of rates last week, though, was enough to put the brakes on a recent rise in refinance demand.

The average rate for 30-year fixed loans with conforming balances and a 20% down payment increased slightly to 3.11% from 3.09% after two weeks of declines, according to the Mortgage Bankers Association. The 15-year fixed rate loan, used by about 1 in 5 refinance borrowers, decreased to 2.46%, the lowest level since January.

“The 10-year Treasury yield dropped sharply last week, in part due to investors becoming more concerned about the spread of Covid variants and…


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