As mortgage rates ticked up last week, potential homebuyers held off🐭 applying for loans 𓆏and applications declined.

Mortgage applications dropped 5.7% last week, according to data from the Mortgage Bankers Association. Rates on a 30-year fixed mortgage jumpꦉed to ඣ6.57%, nine basis points higher than the previous week and the highest level in two months.

The index tracking seasonally-adjusted purchase applications fell 4.8% from 澳洲幸运5官方开奖结果体彩网:the previous week. The unadjusted purchase index was down🍃 26% from one year ago. 

“Purchase applications decreased 5% to its slowest pace in a month, as buyers remain wary of this rate volatility, but also as for-sale 💜inventory in many parts of the country remains scarce,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist, in a statement. 

The MBA’s refinance index also dropped 8% from the week before and was 43% lower than the same week one year ago. The refinance share of mortgage activity dropped to 27.4% of total applications, dowﷺn from 28% the previous week. 

“Most borrowers h♈ave lower rates on 🐬their mortgages, and those who are in the market are extremely rate sensitive,” Kan said. 

The Federal Housing Authority's share of applications dropped slightly to 12% from 12.1% the week prior. The Veterans Administration's share of total applications decreased to 12.2% of applications, down from 12.9% the week before. 

The average interest rate for 30-year fixed mortgages with 🍎conforming loan b✤alances increased to 6.57% from 6.48% the week before. 

The average interest rate for 30-year fixed mortgages with jumbo loan balances increased to 6.46%, up from 6.33% the week earlier. The average interest rate for 30-year fixed mortgages backed by the FHA decreased to 6.39% from 6.41%.