Mortgage Demand Defies Rising Rates as Buyers Remain Upbeat
• Mortgage rates increased to 6.8% but applications jumped 10% showing buyers are still active • Increase suggests first-time and repeat buyers are entering the market despite higher rates • Buyer optimism rose in December surveys, with more expecting rate declines in the next year • Rates near 6% may seem attractive psychologically after peaking at 8% in October • Prices are still high but stable compared to last year, which could attract more sellers