Mortgage rates rose to the highest level since January, but demand from homebuyers still grew. Here's why.
Mortgage rates rose for the third straight week last week to the highest level since January, but some homebuyers were undeterred.
Mortgage applications to purchase a home rose 2% compared with the previous week and were 18% percent higher than the same week one year ago, according to the Mortgage Bankers Association's seasonally adjusted index.
This as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased to 6.98% from 6.92%, with points decreasing to 0.67 from 0.69, including the origination fee, for loans with a 20% down payment.
"Purchase applications were up over the week and continue to run ahead of last year's pace as increased housing inventory in many markets has been supporting some transaction volume, despite the economic uncertainty," said Joel Kan, an MBA economist.
Applications to refinance a home loan took the rate increase harder, falling 7% for the week. Refinance demand was, however, still 37% higher than the same week one year ago.
"Conventional refinances were down 6%, and VA refinances dropped 16%," added Kan.
Mortgage rates edged slightly lower to start this holiday-shortened week, after a monthly report on consumer confidence.
"The Consumer Confidence Index was stronger than expected, but one of its components raised concern over the labor market," wrote Matthew Graham, chief operating officer at Mortgage News Daily. "Weaker labor conditions tend to push rates lower, all else equal. The underlying bond market improved after that and several mortgage lenders issued revised rates in response."
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