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Mortgage applications jump 10.8% despite rates rising to 6.60%

Diana Olick

24d ago· 1 min readenNews

finance real estate business housing market

Summary

Mortgage rates edged up slightly to 6.60% last week, yet total mortgage application volume surged 10.8% as both homeowners and potential buyers returned to the market for what may be the last spring push. The increase was measured by the Mortgage Bankers Association's seasonally adjusted index, with conforming loan balances at $832,750 or less.

Source

bskyMortgage applications jump 10.8% despite rates rising to 6.60%cnb.cx

Key quotes

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Total mortgage application volume rose 10.8% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 6.60% from 6.57%.

Mortgage rates moved slightly higher last week, but both current homeowners and potential homebuyers returned to the mortgage market, perhaps for the last spring push.

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Mortgage demand from both current homeowners and potential buyers rose sharply, even though interest rates climbed as well.