Homebuyers had been brushing off the slight rise in rates over the past few weeks, but as those rates move even higher, buyers are now pulling back.
Homebuyers had been brushing off the slight rise in rates during recent weeks, but as those rates move even higher, pruchasers are now pulling back.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.46% from 4.44%, with points increasing to 0.44 from 0.42 for loans with a 20% down payment. The rate has risen 10 basis points in the past three weeks and is now at its highest level in over a month.
Applications to refinance a home loan, which are most sensitive to interest rates, fell 11% for the week but were nearly 13% higher than a year ago. Mortgage rates were a significant 27 basis points higher last year. Supply was up 2.4% annually at the end of March, according to the National Association of Realtors, but much of that increase is not from more new listings. Instead, listings are sitting for a longer time and piling up.
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