Mortgage Demand Regressing Amid Rapid Rate Spike

In today's weekly mortgage application survey from the MBA, the average 30yr fixed mortgage rate only rose from 6.73 to 6.81%.  Meanwhile, daily average rates are already back over 7%.  Any way you slice it, rates have been rising quickly and the fallout is completely unsurprising when it comes to refinance applications. For context, here's how the past year fits in the bigger picture: Refinance applications wax and wane with interest rates .  The present environment is particularly restrained by the fact that so many people refinanced to such low rates in 2020-2022.  At the moment, the only group of borrowers with a rate-based refinance incentive are those who purchased or refinanced in late 2023 when rates were near 8%. Purchase applications are much more even-keeled