Interest rates rise, causing mortgage demand to decrease to its lowest point since July.

• The interest rate for 30-year fixed-rate mortgages with conforming loan balances remained constant at 6.52%.
• Refinance demand dropped 8% last week compared with the previous week.
• The number of mortgage applications for purchasing a home decreased by 5% during the week.

Despite no change in mortgage interest rates, demand for mortgages decreased once more last week.

The Mortgage Bankers Association's seasonally adjusted index showed a 6.7% decrease in total mortgage application volume from the previous week, marking its lowest level since July.

The interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 6.52%, with points decreasing to 0.64 from 0.65 (including the origination fee) for loans with a 20% down payment.

Despite a 90% decrease in refinance demand compared to the same week last year, mortgage rates remained relatively stable, with a slight increase of 138 basis points.

The number of mortgage applications for purchasing homes decreased by 5% this week compared to the previous week, while it was 3% higher than the same week last year. Despite the lower interest rates, home prices have increased. Some real estate agents believe that buyers are adopting a wait-and-see attitude before the upcoming presidential election.

According to Joel Kan, an MBA economist, the for-sale inventory has begun to relax, and home-price growth has lessened in certain markets, giving buyers more choices with the added benefit of lower rates.

Some real estate agents believe that potential buyers are adopting a wait-and-see approach before the next presidential election.

This week, mortgage rates saw a sharp increase, with the average 30-year fixed rate rising 14 basis points on Monday to its highest level since July. On Tuesday, the rate remained slightly higher.

"According to Matthew Graham, COO of Mortgage News Daily, the underlying market movement couldn't be traced back to any specific headline or economic report. Instead, leading theories suggest changes in election odds and more complex factors related to the bond market's infrastructure."