A For Sale sign is posted in front of a property in Monterey Park, California on August 16, 2022.
Frederic J. Brown | AFP | Getty Images
Mortgage interest rates fell for the third straight week, while mortgage demand also rose again.
Total application volume increased 7% 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) decreased to 6.2% from 6.23%, with points increasing to 0.69 from 0.67 (including the origination fee) for loans with a 20% down payment. That rate was just about half that one year ago.
Applications to refinance a home loan saw the sharpest gains, up 15%, compared with the previous week. They were still 77% lower than the same week a year ago, but that annual gain is now shrinking fast.
Mortgage applications to purchase a home rose 3% for the week but were 39% lower year over year….
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