cnbc.com/2022/08/10/wild-swings-in-mortgage-rates-last-week-caused-a-rare-surge-in-refinancing.html
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.47% from 5.43%. Refinance applications rose 4% for the week but were 82% lower than the same week one year ago. "The purchase market continues to experience a slowdown, despite the strong job market," said Joel Kan, MBA's associate vice president of economic and industry forecasting.

Mortgage demand was split, with gains in refinancing but declines in applications from homebuyers. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.47% from 5.43%. Another read from Mortgage News Daily showed the average rate on the 30- year fixed jumping 45 basis points at the start of last week.

Mortgage applications rose 4% for the week. Some may have been taking fast advantage of the drop in rates. Refinancing, however, is still down 82% from a year ago, when rates were right around 3%. "The purchase market continues to experience a slowdown," says Joel Kan, MBA's associate vice president.

Mortgage rates fell slightly to start this week and have been far less volatile than last week. That could change Wednesday with the release of the latest consumer price index, which measures inflation in the economy. The bond market watches this perhaps closest of all economic indicators. "Activity has now fallen in five of the last six weeks, as buyers remain on the sidelines due to still-challenging affordability conditions"
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