Mortgage Demand Falls 3.8% Amid Stable Rates at 6.60%

Total mortgage application volume fell 3.8% last week, as reported by the Mortgage Bankers Association. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 6.60%, with points at 0.63 for loans with a 20% down payment. Refinancing applications dropped by 5% weekly but were 17% higher than the same week last year. Home purchase mortgage applications also decreased by 3% week-over-week but were up 3% year-over-year, reflecting challenges in the market including lean supply and high prices.