An unusual fall surge in home buying is driving mortgage demand higher, even as interest rates rise.
An unusual surge in home buying, just as the market enters the historically slow holiday season, is driving mortgage demand higher.Mortgage applications to refinance a home loan were essentially flat, rising just 0.4% from the previous week.
The increase was largely driven by applications to purchase a home, which rose 5% for the week but were still 4% lower than the same week one year ago. That was the third-straight weekly gain. "Both conventional and government loan applications increased, and the average loan size for a purchase loan was at $407,200, continuing its ongoing 2021 run of being mostly above $400,000," said Joel Kan, an MBA economist, in a release.
Mortgage applications to refinance a home loan were essentially flat, rising just 0.4% from the previous week. They were 34% lower than the same week one year ago when rates were 32 basis points lower.
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