Mortgage demand rebounds, even as interest rates hit the highest level in over a month

PUBLISHED WED, APR 26 20237:00 AM EDTUPDATED WED, APR 26 20237:38 AM EDTDiana Olick

The recent softening in house prices may be helping homebuyers swallow higher mortgage rates. Despite a rise in rates last week, demand for mortgages rebounded.

Total mortgage application volume rose 3.7% 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 ($726,200 or less) increased to 6.55% from 6.43%, with points remaining at 0.63 (including the origination fee) for loans with a 20% down payment….READ MORE>>>https://www.cnbc.com/2023/04/26/mortgage-demand-rebounds-interest-rates-at-highest-level-in-over-a-month.html

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