Washington, DC CNN —Mortgage applications rose last week, even as mortgage rates remain stubbornly high, an indication that at least some buyers are determined to move forward with a home purchase in one of the most challenging markets in decades.
“Mortgage applications increased last week, despite the 30-year fixed-rate edging back up,” said Joel Kan, MBA’s vice president and deputy chief economist.
The increase in total mortgage applications was driven higher by a surprise increase in applications to refinance a mortgage.
Refinance applications climbed 13% from the previous week, but were still almost 30% below the same week one year ago.
The MBA noted that this week’s data is compared to the prior week’s data, which included an adjustment for the Labor Day holiday.
Persons:
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Organizations:
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Locations:
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