30-Year Fixed Mortgage Rates in the U.S. Rise to 7.3%, Demand Falls by 6%

The seasonally adjusted index from the Mortgage Bankers Association shows that the average contract interest rate for a 30-year fixed-rate mortgage increased from 7.12% to 7.30%. For loans with a 20% down payment, the points increased from 0.73 to 0.75. Mortgage demand fell by 6%, with refinancing demand taking the biggest hit; the volume of refinancing applications for home loans dropped by 9% from the previous week, down 56% compared to the same week last year. The share of refinancing in the total mortgage business decreased from 39.3% to 38.3%. MBA economist Joel Kan noted that government-supported refinancing fell by 13%, with both FHA and VA loan applications experiencing double-digit weekly declines.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.