“Surging interest rates push mortgage demand down more than 40% from a year ago”
April 6, 2022
“…Total mortgage application volume fell another 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was down 41% from the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 4.90% from 4.80%, with points decreasing to 0.53 from 0.56 (including the origination fee) for loans with a 20% down payment. That rate was just 3.36% one year ago. That is the fourth consecutive week of increases.
Applications to refinance a home loan, which have been falling steadily for months, dropped another 10% week to week. Refinance demand was 62% lower than the same week one year ago…”