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The latest weekly reading from the Mortgage Bankers Association shows that mortgage applications rose 4.9 percent over the previous week, signaling to some that the spring buying season is taking off.
Applications for mortgages to buy a home went up 6 percent last week, a 10 percent increase YOY, even though interest rates plateaued. MBA economist Joel Kan says that last week's flat rates were a result of "downward pressure of geopolitical uncertainty offsetting the upward pressure of higher inflation, and Fed minutes that signaled greater certainty of rate hikes this year." CNBC reports that this latest reading was the strongest since January 2018, and may mean that the spring market may finally be in effect.
Applications to refinance a home loan, which are most rate-sensitive, increased 4 percent for the week but were still nearly 10 percent lower than a year ago, when interest rates were lower. Mortgage rates jumped to start this year and are expected to continue to rise. The pause in that increase may have more borrowers willing to jump in and get whatever savings they can.
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