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The 30-year fixed rate climbed to 6.78%, pushing refinance demand down 2% and purchase applications down 0.3%
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The Mortgage Bankers Association reported that total mortgage application volume fell 1% last week on a seasonally adjusted basis as borrowing costs climbed to their highest point in three weeks.
According to CNBC, lenders quoted an average contract rate of 6.78% on 30-year fixed mortgages covering conforming balances up to $832,750, a tick above the 6.77% recorded the week before; associated points moved to 0.66 from 0.65, fees included, for borrowers putting 20% down.
