Mortgage rates turned higher again last week. But the increase did not cut into mortgage demand, as buyers sought newly built homes.
Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the Juneteenth holiday.
Applications for a mortgage to purchase a home rose 3% for the week but were 21% lower year over year. These applications have increased for three straight weeks to the highest level since early May, despite still-high mortgage rates.
Mortgage demand grows, driven by sales of new homes
