Mortgage applications rise for the first time in six weeks
The numbers: Home shoppers are fed up waiting for the economy to turn, and with the prospect of further rate hikes, they’re slowly coming around to purchasing new homes and refinancing their mortgages.
The market index rose 3.8% to 264.7 in the week ending September 16. A year ago, the index stood at 742.7. Higher mortgage rates are likely to persist through the rest of the year, as the Federal Reserve battles the worst inflation the U.S. has seen in 40 years. “The weekly gain in applications, despite higher rates, underscores the overall volatility right now as well as Labor Day-adjusted results the prior week,” Joel Kan, associate vice president of economic and industry forecasting at the MBA, said in a statement.The purchase index — which measures mortgage applications for the purchase of a home — rose by 1% from the previous week.
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