Mortgage Applications Rebound in February Despite Rising Interest Rates

• More Americans applied for mortgage loans in February despite facing greater obstacles to getting approved • The overall application rate for credit rose to 43.4% in February, the highest since October 2022 • Mortgage application rates specifically increased to 5.6% in February from 4.3% in October • However, the rejection rate for mortgage applications jumped to 22.5% in February from 13% in October
• The rise in mortgage applications comes as that part of the economy struggles with high borrowing costs from Federal Reserve interest rate hikes