Mortgage applications to purchase a home rose 8% last week compared with the previous week, bolstered in part by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association's seasonally adjusted index. Applications were, however, 10% lower than they were in the same week one year ago.
A big jump in mortgage rates may have actually spurred homebuyer demand, perhaps as consumers worried rates would move even higher. Mortgage rates surged to the highest level since 2008, while making their biggest one-week jump last week in 13 years. Meanwhile the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.98% from 5.65%, with points rising to 0.77 from 0.71 for loans with a 20% down payment. Rates are now nearly double what they were one year ago."Purchase applications increased for the second straight week – driven mainly by conventional applications – and the ARM share of applications jumped back to over 10%," wrote Joel Kan, an MBA economist.
Applications to refinance a home loan fell 3% for the week and were 77% lower than the same week one year ago. The refinance share of mortgage activity decreased to 29.7% of total applications from 31.7% the previous week.
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