PANews reported on September 30 that the Mortgage Bankers Association's seasonally adjusted index showed weekly mortgage demand fell 6%. Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (no more than $832,750) rose from 7.12% to 7.30%. For loans with a 20% down payment, points including loan origination fees rose from 0.73 to 0.75. Refinance demand was hit hardest, as very few borrowers can benefit in the current higher-rate environment. Refinance applications fell 9% for the week and were 56% lower than the same week a year ago. Refinancing's share of total mortgage activity fell to 38.3% from 39.3% the prior week. MBA economist Joel Kan said in a statement: "Government-backed refinance activity fell 13%, with both FHA (Federal Housing Administration) and VA (Department of Veterans Affairs) loan applications posting double-digit weekly declines."