In a volatile week for interest rates, mortgage demand pulled back

Core Insights - Mortgage interest rates experienced significant fluctuations last week, leading to a decrease in demand for mortgage applications [1][2] - The average contract interest rate for 30-year fixed-rate mortgages rose to 6.31% from 6.30%, with notable volatility following Federal Reserve announcements [2] - Refinance applications dropped by 3% week-over-week, although they remain 151% higher than the same week last year, indicating a strong year-over-year demand despite recent rate changes [3] Mortgage Market Trends - Total mortgage application volume fell by 1.9% compared to the previous week, reflecting the impact of rising interest rates [1] - The average loan size for refinance applications reached its highest level in six weeks, as borrowers with larger loans sought to reduce monthly payments [4]