Mortgage Demand Rises 1.9% Despite Higher Rates at 6.69%

Mortgage rates increased to 6.69% last week from 6.65%, with total mortgage demand rising by 1.9% compared to the prior week, according to the Mortgage Bankers Association. The average contract interest rate for conforming 30-year fixed-rate mortgages saw points decrease to 0.62. While refinance demand fell 2% week-over-week, mortgage applications for home purchases rose by 6%, indicating some movement in the housing market. This shift shows potential buyers are responding to lower competition and price reductions, which could stabilize the market in the slower summer months.