Mortgage applications fell 1.8% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.87%.
The numbers: Mortgage rates didn’t move much this week, but home-buying demand fell as aspiring homeowners contend with high borrowing costs.
The 30-year was averaging at 6.87% in mid-July, which pushed overall mortgage applications down 1.8%. Key details: High mortgage rates discouraged home buyers. The purchase index — which measures mortgage applications for the purchase of a home — fell 2.5% from last week. The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 6.87% for the week ending July 21. That’s unchanged from the week before, the MBA said.
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