Mortgage Rates Surge, Dampening Demand in Year-End Housing Market

📆 02/01/2025 13:19:00
📰 NBCPhiladelphia

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Real Estate Notícia

Mortgage Rates,Housing Market,Refinancing

A sharp increase in mortgage interest rates towards the end of December 2024 led to a significant decline in mortgage application volume, coinciding with the typically slow period for the housing market. The average contract interest rate for 30-year fixed-rate mortgages rose to 6.97% from 6.89%, according to the Mortgage Bankers Association. Both refinance and purchase applications fell, with refinance applications dropping 36% and purchase applications declining 13% during the two weeks ending December 27, 2024.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $766,550 or less increased to 6.97% from 6.89%.

During that time, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $766,550 or less increased to 6.97% from 6.89%, with points increasing to 0.72 from 0.67, including the origination fee, for loans with a 20% down payment. Mortgage rates, which had been lower than the previous year for much of 2024, were 21 basis points higher annually.

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