Mortgage applications in the United States increased by 7.4% in the week ending March 3 on a seasonally adjusted basis for the first time in four weeks, the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey said on Wednesday.
The Refinance Index was up 9% compared to the week prior and decreased 76% from the same week a year ago, while the seasonally adjusted Purchase Index rose 7% on a weekly basis.
«Mortgage rates continued to increase last week. The 30-year fixed rate rose to 6.79 percent – the highest level since November 2022 and 270 basis points higher than a year ago,» said Joel Kan, MBA’s Vice President and Deputy Chief Economist. «Even with higher rates, there was an uptick in applications last week, but this was in comparison to two weeks of declines to very low levels, including a holiday week.»