Mortgage refinance demand drops 18% as rates hit highest level since August
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- Mortgage rates continued their climb last week, making it harder for current homeowners to save on a refinance.
- The 30-year fixed rate has climbed 30 basis points over the past five weeks to its highest level since August 2025.
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Mortgage rates continued their climb last week, making it harder for current homeowners to save on a refinance. Potential homebuyers also pulled back a bit, causing total mortgage application volume to drop 8.5% 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, $832,750 or less, increased to 6.65% from 6.56%, with points rising to 0.65 from 0.60, including the origination fee, for loans with a 20% down payment. The 30-year fixed rate has climbed 30 basis points over the past five weeks to its highest level since August 2025.