Sharply higher mortgage rates are causing demand to fall even further for both homebuying and refinancing.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week from 5.80% the previous week, according to the Mortgage Bankers Association.
Mortgage applications to purchase a home dropped 1% for the week and were 23% lower than the same week one year ago.
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