Mortgage applications fell 0.8% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 7.16%.
The numbers: Mortgage rates rose for the third week in a row to their highest level since October 2022, as the U.S. economy shows signs of resilience.
Demand for both purchases and refinancing fell. That overall pushed the market composite index — a measure of mortgage application volume — down, the Mortgage Bankers Association said on Wednesday. The rate for jumbo loans, or the 30-year mortgage for homes sold for over $726,200, was 7.11%, up from 7.04% the previous week.
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