KEY POINTS
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.04% from 7.06%
  • Applications to refinance a home loan were 7% lower than the previous week and were 1% lower than the same week one year ago.
  • Applications for a mortgage to purchase a home dropped 5% for the week and were 12% lower than the same week one year ago.

Higher mortgage rates continue to hit demand from both current homeowners and potential homebuyers.

Total mortgage application volume dropped 5.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. An additional adjustment was made to account for the Presidents Day holiday.