mortgage demand rises despite increasing interest rates and market fluctuations

Mortgage demand has seen a slight increase despite rising interest rates.

Total Application Volume

Total application volume rose by 1.7% compared to the previous week, with a 2% increase in applications for home purchases.

Refinancing Activity

Refinancing activity has also increased by 2%, with a 43% increase compared to the same week last year.

Driven by Conventional and FHA Loans

The increase in demand is primarily driven by conventional and FHA loans, with FHA purchase applications seeing a significant 7% increase.

Market Reactions

The recent changes in mortgage rates have been described as underwhelming, with market reactions tempered by skepticism regarding geopolitical tensions.

Future Outlook

The interplay between rising interest rates, fluctuating demand, and geopolitical events will continue to shape the mortgage market in the coming weeks.

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