Two weeks of rising rates are taking their toll on homeowners hoping to refinance, but homebuyers are not pulling back.
div > div.group > p:first-child"> Mortgage applications to purchase a home rose 1% last week from the previous week and were 7% higher than a year ago. Purchase applications reached their highest level since April 2010.
Applications to refinance a home loan brought the total down, falling 8% for the week but still rising 26% from a year ago, when interest rates were higher. "With mortgage rates up for the second week in a row, it's no surprise that refinancings slid 8%, and average loan sizes dropped back closer to normal levels," said Joel Kan, MBA's associate vice president of economic and industry forecasting."The spring buying season continues to be robust."
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