{"id":122540,"date":"2021-10-07T07:48:26","date_gmt":"2021-10-07T07:48:26","guid":{"rendered":"https:\/\/fin2me.com\/?p=122540"},"modified":"2021-10-07T07:48:26","modified_gmt":"2021-10-07T07:48:26","slug":"as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/","title":{"rendered":"As mortgage rates shoot even higher, refinance demand plummets 10%"},"content":{"rendered":"<ul>\n<li>The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.14% from 3.10%.<\/li>\n<li>Refinance demand fell to the lowest level in three months.<\/li>\n<li>Mortgage applications to purchase a home declined\u00a02% for the week and were 13%\u00a0lower than the same week one year ago.<\/li>\n<\/ul>\n<p>A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand. Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association&#x27;s seasonally adjusted index.\u00a0<\/p>\n<p>The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.14% from 3.10%, with points rising to 0.35 from 0.34 (including the origination fee) for loans with a 20% down payment. That is the highest level since July.\u00a0<\/p>\n<p>Refinance demand, which is especially sensitive to weekly interest rate movements, fell to the lowest level in three months, down\u00a010% last week compared with the previous week. Volume was 16% lower than the same week one year ago.\u00a0<\/p>\n<p>&quot;Higher rates are reducing borrowers&#x27; incentive to refinance, as declines were seen across all loan types,&quot; said Joel Kan, MBA&#x27;s associate vice president of economic and industry forecasting.\u00a0<\/p>\n<p>Mortgage applications to purchase a home declined\u00a02% for the week and were 13%\u00a0lower than the same week one year ago. It was\u00a0driven by a drop in conventional loan applications. Government loans, which are mostly used by lower-income borrowers, saw a\u00a01% increase in demand.\u00a0<\/p>\n<p>&quot;But that was still not enough to bring down the average loan balance of $410,000. With home-price appreciation and sales prices remaining very elevated, applications for higher balance, conventional loans still dominate the mix of activity,&quot; added Kan.\u00a0<\/p>\n<p>Rates fell back a little bit to start this week, but then moved higher again Tuesday. The bond market, which dictates daily rate movement, reacted to economic data.<\/p>\n<p>&quot;After an important report on the services sector came out stronger than expected, bonds continued to deteriorate,&quot; said Matthew Graham, chief operating officer at Mortgage News Daily. &quot;When bonds lose enough ground in the middle of a trading day, mortgage lenders occasionally make mid-day adjustments to their rate offerings.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/10\/06\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10percent.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.14% from 3.10%. Refinance demand fell to [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":122539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>As mortgage rates shoot even higher, refinance demand plummets 10% - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As mortgage rates shoot even higher, refinance demand plummets 10% - Fin2me\" \/>\n<meta property=\"og:description\" content=\"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.14% from 3.10%. Refinance demand fell to [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-07T07:48:26+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/10\/As-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/\",\"url\":\"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/\",\"name\":\"As mortgage rates shoot even higher, refinance demand plummets 10% - Fin2me\",\"isPartOf\":{\"@id\":\"https:\/\/fin2me.com\/#website\"},\"datePublished\":\"2021-10-07T07:48:26+00:00\",\"dateModified\":\"2021-10-07T07:48:26+00:00\",\"author\":{\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fin2me.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/fin2me.com\/category\/business\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"As mortgage rates shoot even higher, refinance demand plummets 10%\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fin2me.com\/#website\",\"url\":\"https:\/\/fin2me.com\/\",\"name\":\"Fin2me\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fin2me.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"Mark\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"caption\":\"Mark\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"As mortgage rates shoot even higher, refinance demand plummets 10% - Fin2me","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/","og_locale":"en_US","og_type":"article","og_title":"As mortgage rates shoot even higher, refinance demand plummets 10% - Fin2me","og_description":"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.14% from 3.10%. Refinance demand fell to [...]","og_url":"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/","og_site_name":"Fin2me","article_published_time":"2021-10-07T07:48:26+00:00","author":"Mark","twitter_card":"summary_large_image","twitter_image":"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/10\/As-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10.jpg","twitter_misc":{"Written by":"Mark","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/","url":"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/","name":"As mortgage rates shoot even higher, refinance demand plummets 10% - Fin2me","isPartOf":{"@id":"https:\/\/fin2me.com\/#website"},"datePublished":"2021-10-07T07:48:26+00:00","dateModified":"2021-10-07T07:48:26+00:00","author":{"@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fin2me.com\/business\/as-mortgage-rates-shoot-even-higher-refinance-demand-plummets-10\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fin2me.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/fin2me.com\/category\/business\/"},{"@type":"ListItem","position":3,"name":"As mortgage rates shoot even higher, refinance demand plummets 10%"}]},{"@type":"WebSite","@id":"https:\/\/fin2me.com\/#website","url":"https:\/\/fin2me.com\/","name":"Fin2me","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fin2me.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"Mark","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fin2me.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","caption":"Mark"}}]}},"_links":{"self":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/122540"}],"collection":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/comments?post=122540"}],"version-history":[{"count":0,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/122540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media\/122539"}],"wp:attachment":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media?parent=122540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/categories?post=122540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/tags?post=122540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}