Mortgage and Refinancing Business Stall

While there was a large demand for refinancing two weeks ago due to a drop in mortgage rates, volume slowed again last week due to slightly higher interest rates and late summer apathy.

Mortgage rates went up slightly to 6.68% on the average 30-year fixed-rate mortgage.

Applications for refinancing was actually more than 20% higher year over year, even though rates are still technically higher than one year ago.

After a significant surge in refinance demand the previous week, brought on by a drop in mortgage rates, both refinance and homebuyer mortgage application volume stalled last week. Mortgage rates have not moved in the first half of this week.