Rising mortgage rates are taking their toll on both home buyers and home owners looking to save on their monthly payments.
Total mortgage application volume fell 4.7 percent for the week ending June 26 on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association (MBA). That is the lowest level since January 2, 2015.
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Applications to refinance, which are most interest rate sensitive, fell 5 percent week-to-week to the lowest level since December of last year. They continue to make up a smaller share of total applications, falling to 48.9 percent. Mortgage applications to purchase a home fell 4 percent for the week but are still 14 percent higher than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) rose to 4.26 percent—its highest level since October 2014—from 4.19 percent. Points fell to 0.33 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio loans.