A hike in interest rates, combined with a massive shutdown of the economy caused homeowners and potential homebuyers to back away from the mortgage market.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.82% from 3.74% last week.
Total mortgage application volume fell 29.4% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications to refinance a home loan, which had been surging dramatically in the last month, fell 34% for the week but were still 195% higher than a year ago, when rates were 63 basis points higher. Refinances tend to be volatile, moving weekly with interest rates.
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