Mortgage rates fell for the sixth straight week last week, but mortgage demand still seems to be waiting for something bigger.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.29% from 6.43%
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.29% from 6.43%, with points decreasing to 0.55 from 0.56 for loans with a 20% down payment, according to the Mortgage Bankers Association. That is the lowest level since February 2023 and nearly a full percentage point lower than the same week one year ago.
Refinance applications only increased 1% week to week, but were 106% higher than a year ago. That may sound like a massive increase, but the numbers were so low last year, that even with that large gain, refinancing is still historically low. Applications for a mortgage to purchase a home rose 2% for the week but were 3% lower than the same week one year ago.
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