The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.90% from 7.70% last week.Applications for a mortgage to purchase a home fell 2% for the week and were 22% lower than the same week one year ago.
Total application volume dropped 1% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThe average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.90% from 7.70%, with points increasing to 0.77 from 0.71 — including the origination fee — for loans with a 20% down payment.