Mortgage demand dropped as interest rates remain stubbornly high.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 6.87%
Mortgage rates didn't move at all last week, and are still sitting near a recent high. With home prices continuing to rise, that pushed more potential homebuyers to the sidelines. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 6.87%, with points decreasing to 0.65 from 0.66 for loans with a 20% down payment. That rate crossed over 7% a few weeks ago and has yet to retreat much.
"The decrease in FHA purchase applications contributed to an increase in the overall average purchase loan size to $432,700, its highest level since the end of this May," said Joel Kan, an MBA economist, indicating that more activity is now on the higher end of the market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
High mortgage rates will hurt the housing market for years: Moody'sHigh mortgage rates will keep hurting homebuyers for years to come
Read more »
Today’s mortgage rates for July 25, 2023Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
Read more »
'Barbie' star Margot Robbie paid off her mother's mortgage after finding success in HollywoodMargot Robbie decided to pay off her mother's mortgage once she became successful in her acting career. 'Anyone in my position, you'd do that for your mom,' she said.
Read more »
High mortgages rates will weigh on the housing market for yearsThe U.S. housing market could take years to recover from the recent spike in mortgage rates, with property prices expected to fall at least 2.4% next year.
Read more »
Home Prices Fell Year-Over-Year in MayHome prices fell from a year earlier in May for the second straight month, as elevated mortgage rates and still-high home prices sidelined buyers
Read more »
'Barbie' star Margot Robbie used her earnings to pay off her mom's house: 'Don't even worry about that mortgage'Actress Margot Robbie's mother supported her so she could follow her dreams. Once she began to succeed, Robbie says, her first priority was to repay her mom.
Read more »