Homebuyers Are Making a Surprising Move

Mortgage applications rose even though rates went up, highlighting the fact homebuyers were willing to pay higher borrowing costs for home loans, data from the Mortgage Bankers Association reveals.In previous weeks, higher borrowing costs had contributed to depressed activity in the housing market.For the week ending April 12, mortgage applications went up more than 3 percent from a week earlier, even as rates had shot up above 7 percent.

After declines from the 8 percent peak in the fall to the mid-6 percent ranges to end the year and into the start of 2024, they have shot up since then.The 30-year fixed rate has now been hovering in and around 7 percent in recent weeks on the back of economic news that suggests that borrowing costs are likely to remain elevated.

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