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Homebuyers Are Getting Used to 6%-Plus Rates

  • 11:27 AM EDT

by UrbanTurf Staff

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Mortgage application volume rose last week even as rates climbed to their highest point in over a month, according to the Mortgage Bankers Association on Wednesday.

The MBA's Market Composite Index increased 1.7% on a seasonally adjusted basis, with an unadjusted gain of about 2%. Purchase applications led the way, climbing 4% for the week and sitting 7% above the same period a year ago. Refinance demand edged down 1% — though refi volume remains 28% higher than a year ago. Adjustable-rate mortgages ticked up to 8.8% of all applications.

Rates inched higher over the week, with the average 30-year fixed rate on conforming loans (up to $832,750) reaching 6.46% — up from 6.45% the prior week — its highest mark in five weeks. The average purchase loan size hit $467,300, a record in the survey's history dating back to 1990.

"Potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market," said Joel Kan, the MBA's deputy chief economist.

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/homebuyers_are_getting_used_to_6-plus_rates/24619.

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