Despite a September surge in mortgage interest rates, mortgage applications last week increased 6% from the previous week, pushing volume 15% higher for the year so far.
Homebuyers seemed undeterred by last week’s turnaround in interest rates, or perhaps they were spooked into action. Strong demand from buyers easily offset the drop in demand from those wishing to refinance.
Total mortgage application volume was flat for the week, down a slight 0.1%, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 67% higher than the same week one year ago, when rates were much higher.