【CBRE】Mortgage refinance demand drops 18% as rates hit highest level since August

• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 6.65% from 6.56%.
• Applications for a mortgage to purchase a home fell 0.4% for the week and were just 5% higher than the same week one year ago.
• Refinance applications accounted for 38% of applications, the lowest share since June 2025.

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