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Real Estate> Real Mortgage refinance demand continues its freefall, as interest rates rise again

  cnbc.com Diana Olick 3 minutes Real estate agents leave a home for sale during a broker open house in San Francisco, California. Justin Sullivan | Getty Images Rising mortgage interest rates continue to take their toll on demand, especially in the refinance market. Total mortgage application volume fell 2.8% last week compared with the previous week, 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 ($548,250 or less) increased to 3.20% from 3.16%, with points rising to 0.43 from 0.34 (including the origination fee) for loans with a 20% down payment. As a result, refinance demand fell 5% for the week and was 31% lower than the same week one year ago. Refinance applications have dropped in seven of the past eight weeks. The refinance share of mortgage activity decreased to 62.9% of total applica

News | Business | Real Estate: Jumbo and FHA mortgage rates set record lows, juicing refinance demand

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  Diana Olick 2-3 minutes - Source: CNBC People wait to visit a house for sale in Floral Park, Nassau County, New York. Wang Ying | Xinhua News Agency | Getty Images Record low rates for both larger loans and low down-payment loans drove an increase in mortgage demand last week. Total mortgage application volume rose 3.8% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The demand was fueled by refinances, which rose 6% for the week and were 88% higher annually. The rates for jumbo loans, FHA loans and 15-year fixed loans set record lows, while the rate on the most popular loan, the 30-year fixed, saw really no change. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 3.01% from 3.00%, with points increasing to 0.38 from 0.35 (including the origination fee) for loans with a 20% down payment.

Real Estate: Weekly mortgage applications tank 12% as interest rates jump

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Diana Olick 2-3 minutos - Source: CNBC Potential homebuyers attend an open house in Seattle. Mike Kane | Bloomberg | Getty Images Mortgage rates have been on a roller coaster in recent months, and last week’s climb caused a drop in mortgage demand. Mortgage application volume fell 11.9% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 54% higher than a year ago because interest rates were significantly higher last year. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.02 percent from 3.92 percent, with points increasing to 0.38 from 0.35 (including the origination fee) for loans with a 20% down payment. That rate was 109 basis points higher the same week last year. The drop in rates caused a 17% plunge in applications to refinance a home loan. Refinance volume has be

Real Estate: Mortgage demand from buyers jumps, just as interest rates spike

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Diana Olick 3 minutes - Source: CNBC File photo Daniel Acker | Bloomberg | Getty Images Homebuyers seemed undeterred by last week’s turnaround in interest rates, or perhaps they were spooked into action. Strong demand from buyers easily offset the drop in demand from those wishing to refinance. Total mortgage application volume was flat for the week, down a slight 0.1%, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 67% higher than the same week one year ago, when rates were much higher. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.01% from 3.82%, with points decreasing to 0.37 from 0.44 (including the origination fee) for loans with a 20% down payment. That is the highest level in seven weeks, although still 87 basis points lower than a year ago. Applications to refinance a home loan, which a