Mortgage applications rose 7.4% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.79%.
Demand for mortgages rose 7.4% in the latest week as rates remain at highs last seen in November.
The market index rose by 7.4% to 201.5 for the week ending March 3 from a week earlier. A year ago, the index stood at 502.5.Key details: The refinance index rose 9.4%, but down 76% compared to a year ago. The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 6.79% for the week ending March 3.For homes sold for over $726,200, the average rate for the 30-year was 6.49%, up from 6.44% the previous week.The rate for adjustable-rate mortgages rose to 5.75% from last week’s 5.73%.
But broadly, rates going back up is likely to hurt home sales like it did in the last quarter of 2022.
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