Weekly mortgage demand drops as interest rates rise again, but Fed announcement will be key for spring market

Mortgage interest rates rose last week for the first time in three weeks.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.97% from 6.84%

The latest Federal Reserve rate announcement could have a significant impact on the trajectory of mortgage demand this spring. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.97% from 6.84%, with points decreasing to 0.64 from 0.65 for loans with a 20% down payment. That was the weekly average, but another index from Mortgage News Daily, which looks at daily rates, had the 30-year fixed mortgage moving back over 7% last Thursday.

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