Mortgage applications finally edge up again
A brief pause in the rise of interest rates helped buoy mortgage application volume last week, following several weeks of declines. Total mortgage applications for home purchases and refinancings rose 2.7 percent compared to the previous week, according to the Mortgage Bankers Association. Applications, however, are 2.4 percent lower than a year ago.
The bulk of last week’s increase was driven by homebuyers. Mortgage applications to purchase a home rose 6 percent during the week, and are 3 percent higher than a year ago.