After flatlining the week before, mortgage demand rose last week, despite mortgage rates increasing for the fourth straight week.
Total application volume climbed 1.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Applications for a mortgage to purchase a home rose 2% for the week but were 1% lower than the same week one year ago.
Purchase demand was driven by conventional and FHA loans, with FHA purchase applications seeing a 7% increase.
Mortgage rates are about flat so far this week, according to a separate survey from Mortgage News Daily.
Persons:
”, Joel Kan, Matthew Graham
Organizations:
Mortgage, Mortgage News
Locations:
Ukraine, Russia