Mortgage rates have risen again, with total application volume decreasing by 10.4% from the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.57% from 6.43%. This has led to a decrease in refinance demand, which is usually higher than the previous year. However, the increase in rates and overall economic uncertainty may negatively impact buyer confidence. The spring housing market, traditionally the busiest year, is being negatively impacted by the Iran war.