Mortgage demand recovers slightly, despite rising interest rates

PUBLISHED WED, MAR 8 20237:00 AM ESTUPDATED WED, MAR 8 20237:34 AM ESTDiana Olick

A “For Sale” sign outside of a home in Atlanta, Georgia, on Friday, Feb. 17, 2023.Dustin Chambers | Bloomberg | Getty Images

After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher.

Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association’s seasonally adjusted index.

This happened even as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.79% from 6.71%, with points rising to 0.80 from 0.77 (including the origination fee) for loans with a 20% down payment. That is the highest level since November 2022 and 270 basis points higher than a year ago.

“Even with higher rates, there was an uptick in applications last week, but this was in comparison to two weeks of declines to very low levels, including a holiday week,” noted Joel Kan, an MBA economist….READ MORE>>>https://www.cnbc.com/2023/03/08/mortgage-demand-recovers-rising-interest-rates.html

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