Mortgage demand started this year stronger than it did last year, even though interest rates are higher. Total mortgage application volume last week was 7% higher than the same week one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.09% from 6.99%, with points decreasing to 0.65 from 0.68 (including the origination...
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