- The average contract interest rate for 30-year fixed-rate mortgages increased to 2.96% from 2.92%.
- Refinance demand, which is most sensitive to weekly rate fluctuations, fell 4% last week but were 46% higher than a year ago.
- Mortgage applications to purchase a home fell 5% for the week but were still 17% higher year over year.
Mortgage interest rates have increased in four of the first six weeks of 2021, putting a chill on mortgage demand.
Overall mortgage application volume fell 4.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Refinance demand, which is most sensitive to weekly rate fluctuations, fell 4% for the week but were 46% higher than a year ago. That annual comparison had been over 100% at the start of this year but has been shrinking.
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Updated: Boston Real Estate News 2021