Weekly mortgage demand pulls back, as interest rates rise for the first time in 9 weeks

After a strong streak of gains, mortgage demand pulled back last week. An increase in mortgage rates, as well as rising uncertainty about the economy, were the likely culprits. Total mortgage application volume dropped 6.2% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased to 6.72% from 6.67%, with points climbing to 0.64 from 0.63, including the origination fee, for loans with a 20% down payment. That was the first increase in nine weeks. Rates were 25 basis points...