Mortgage Apps Rebound in January Despite Rising Rates
- Mortgage application index rose 9.9% in early January despite slight rate increase
- Purchase applications up 6% week-over-week, though still down 16% year-over-year
- Refinance applications up 19% over prior 2 weeks, 30% higher than last year
- Rate increases have cooled housing market, but expected Fed pause offers hope
- Inventory still very tight, down 34.3% from pre-pandemic levels