Mortgage Demand Surges Despite Rising Interest Rates

Despite a slight increase in mortgage applications to purchase a home, the housing market remains frozen as sellers are reluctant to sell at current high prices and buyers are waiting for lower mortgage rates. Refinancing applications also remain near historic lows, with mortgage rates rising to 6.81%. The frenzy to lock in low mortgage rates has now shifted to a wait-and-see approach, contributing to a significant decline in home sales and a stagnant market.