After a brief pullback during much of May, mortgage rates began rising again last week. That had an immediate impact on what had been several weeks of strengthening mortgage demand. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.05% from 7.01%, with points rising to 0.63 from 0.60 for loans with a 20% down payment.
“Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year’s levels. Refinance demand, which had been in a small recovery phase, plunged 14% for the week but was still 12% higher than the same week one year ago. Applications for a mortgage to purchase a home fell 1% for the week and were 10% lower than the same week one year ago.
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