"Rising Homebuyer Demand Spurs Mortgage Applications Despite Climbing Interest Rates"

Despite a slight increase in mortgage rates, homebuyer demand pushed mortgage applications for home purchases up by 8% compared to the previous week, although still 18% lower than a year ago. Meanwhile, applications to refinance fell by 7% and were 8% lower than a year ago, as rates remain higher than last year. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.78%, with little incentive for most borrowers to refinance.