Real Estate

Weekly mortgage demand stalls as rates rise


People wait to visit a house for sale in Floral Park, Nassau County, New York.

Wang Ying | Xinhua News Agency | Getty Images

It was a mixed bag for mortgage demand last week, as higher rates did nothing for refinances and homebuyers faced more steep competition for a pitiful few homes for sale.

Total mortgage application volume fell 0.9% last week from 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) moved very slightly higher to 3.18% from 3.17%. Points increased to 0.34 from 0.30 (including the origination fee) for loans with a…


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