For the first time in seven weeks, mortgage demand rose with applications increasing 0.5%, driven primarily by a 2% rise in purchase loan demand.
Despite higher mortgage rates reaching close to 7%, applications increased for the first time in seven weeks, highlighting resilience in the purchase market.
The FHA and VA loans were strong contributors to the rise in purchase applications, showing an increase of 3% and 9% respectively, indicating solid government lending activity.
The 30-year fixed rate rose to 6.86%, its highest since July 2024, yet the continued demand showcases adaptability among borrowers amid challenging rate environments.
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