The refrain is becoming all too familiar. Mortgage interest rates rise, and homebuyers and refinancers retreat.
Total mortgage application volume fell 1.2 percent last week from the previous week, according to the Mortgage Bankers Association. Volume is down nearly 11 percent in the past four weeks, as rates climbed.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June, 2016, 3.75 percent, from 3.71 percent, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio loans.