Mortgage Applications Rise 0.8% as 30-Year Rate Climbs to 6.79%

According to CNBC, total mortgage application volume rose 0.8% last week from the prior week as mortgage rates moved higher and demand for home loans remained subdued. The average contract interest rate on 30-year fixed mortgages with conforming loan balances of $832,750 or less increased to 6.79% from 6.78%, while points fell to 0.65 from 0.66 for loans with a 20% down payment. Applications for a mortgage to buy a home rose 2% on the week but were still 0.2% below the same week a year earlier, when rates were 15 basis points lower. Refinance applications fell 1% for the week and were down 19% from a year earlier. The Mortgage Bankers Association said the share of adjustable-rate mortgages rose to 8% last week, its highest level in five weeks, and the average rate on 5/1 ARMs fell to 5.94%.