Mortgage Applications Drop 3.7% After Fed Rate Hike 📉

The volume of mortgage applications dropped by 3.7% last week following the Federal Reserve’s interest rate increase. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.25% to 6.52%. New mortgage applications to purchase a home decreased 0.4% for the week and were 29% lower than the same week one year ago.