Mortgage Demand Resilient Despite Rising Rates As Homebuyer Activity Remains Strong
• Mortgage application index rose 3.7% last week even as rates ticked higher • Purchase applications up 8% as home demand remains strong • Refinance applications down 7% from previous week due to high rates • Inventory still very tight, down 34% from pre-pandemic levels • Economists believe Fed is done raising rates which has helped lower mortgage rates