The increase snaps a four-week streak of rate declines and pushes rates back to their level in mid-June.
"We are on the cusp of a recovery," Yun told Yahoo Finance before the weekly rate data was released. "We are beginning to see some people begin to give up their 3% mortgage rate because of life-changing circumstances." Still, rising inventory has so far failed to attract more homebuyers. The Mortgage Bankers Association's latest Market Composite Index, which tracks mortgage loan application volume, increased by less than a percentage point last week. New mortgage application activity climbed 1% from the week prior but remained 13% lower than the same week a year earlier.Housing experts are attributing depressed demand to record-high home prices.
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