Weekly mortgage demand rises 10.8% as rates edge higher
Mortgage applications rose 10.8% as rates edged higher and refinance demand jumped See what drove the weekly gain and how purchase and ARM activity shaped the market
Mortgage application volume increased 10.8% last week, even as interest rates moved slightly higher, according to the Mortgage Bankers Association. The average rate on a 30year fixed mortgage for conforming loan balances rose to 6.60% from 6.57%.
Refinance applications climbed 15% for the week and were 20% higher than a year earlier. Purchase applications also rose 7% from the previous week and were up 4% compared with the same period last year.
The MBA said mortgagerate volatility was driven in part by market reaction to developments in the Middle East. Adjustablerate mortgages accounted for 8.6% of total applications last week, while the average rate on a fiveyear ARM was 5.96%.