Mortgage applications decrease🍷d 4.6% f👍rom the week before, as mortgage rates climbed again. 

Mortgage applications were down last week as the 30-year fixed rate increased to its highest level since Marඣch. At 6.69%, interest rates are keeping would-be home buyers on tꩲhe sidelines.

“Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications," said Joel Kan, MBA’s deputy chief economist.

Purchases also fell four percentage points over the week, according to the Mortgage Bankers Association.

Homeowners looking to sell their homes are locked into lower rates, and as interest rates climb, would-be sellers are sitting out of the market. New澳洲幸运5开奖号码历史查询: single family housing starts have picked up in the meantimeܫ, but uncertainty remains about interest rates and the Federal Reserve’s response to inflation. 

“Investors remained attuned to the uncertainty around the U.S. debt ceiling and communication from several Federal Reserve officials last week, which sent Treasury yields higher, along with mortgage rates," Kan said. "Economic data released over the past week have also pointed to a still-resilient economy."

Refinance activity was still limited for the week 🎉endi🌺ng May 19, with refinancing unchanged at 27.4% of total applications from the previous week. 

Rates increase across the board

The average contract interest rate forꦇ 30-year fixed-rate mortgages with conforming loan balances jumped to 6.69% from 6.57% the week prior. For 30-year fixed-rate mortgages with jumbo loan balances, the average contract interest rate increased to 6.57% from 6.46% the week before. 

For federally-backed loans, the a🍸verage contract interest rate for l꧃oans backed by the Federal Housing Authority increased to 6.56% from 6.39%. 

The FHA share of total applications also increased, ending the week at 12.5% from 12% the week before. The USDA share of total applications also increased to 0.5% from 0.4% the week before.