Mortgage refinance demand plunges 21%, as rates hit 3-week high

Mortgage Rate Trends - The average rate on the 30-year fixed-rate mortgage for conforming loans increased to 646% from 634% [1] - Mortgage rates were 32 basis points higher last week than they were at the same time a year ago [2] - Mortgage rates remained stable at the beginning of this week, with potential movement expected upon the release of the monthly employment report on Friday [4] Refinance Market - Applications to refinance a home loan dropped 21% last week from the previous week [2] - The average loan size for refinances decreased substantially due to higher rates [3] Home Purchase Market - Applications for a mortgage to buy a home fell by 1% for the week, following three consecutive weeks of gains [3] - Home purchase applications were still 16% higher than the same week one year ago [3]