As mortgage r⛎ates ticked up last week, potential homebuyers held off applying for loans and applications declined.

Mortgage applications dropped 5.7% last week, according to data from the Mortgage Bankers Association. ♊Rates on🎶 a 30-year fixed mortgage jumped to 6.57%, 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开奖号码历史查询:the previous week. The unadjusted purchase index was down 26% from one year ago.&nb💟♑sp;

“Purchase applications decreased 5% to its slowest pa🤪ce 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% frꦐom the week before and was 43% lower than the same week one year ago. T𒅌he refinance share of mortgage activity dropped to 27.4% of total applications, down from 28% the previous week. 

“Most borrowers have lower rates on their mortgages, and those who are in the market are extremely rate ཧsensitive,💫” 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 interestꦺ rate for 30-year fixed mortgages with conforming 😼loan balances 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%.