The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.09% from 6.99%. Applications to refinance a home loan were 22% higher than the same week one year ago.

Mortgage rates near 6% are the new normal, says NAR's Lawrence Yun. Experts predict modest market changes and a potential rise in second home purchases.

Today, the mortgage interest rate on a 30-year fixed mortgage is 7.46%, according to Curinos, while the average rate on a 15-year mortgage is 6.64%. On a 30-year jumbo mortgage, the average rate is 7.

US mortgage rates topped 7% last week, reaching the highest level since early May and extending a months-long advance that risks restraining the housing market.

After climbing to their most expensive level in more than seven months, 30-year mortgage rates held steady Tuesday. Rate movement was mixed for other loan types.

With sticky inflation and rising bond yields, mortgage rates continue to move higher. The Mortgage Bankers Association, whose readings are often slightly h