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

Yeah, the refi boom we saw just a few weeks ago just went bust thanks to higher mortgage rates. The average rate on the 30-year fix for conforming loans increased last week to 6.46% from 6.34%. That's for loans with 20% down according to the Mortgage Bankers Association.Now, as a result, applications to refinance a home loan dropped 21% last week from the previous week. They had surged much higher just a few weeks ago when rates dropped to that three-year low just before the Fed cut its rate. This drop in r ...