Mortgage demand from first-time buyers rose despite a sharp increase in mortgage interest rates.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.65% from 5.45%.
"Last week's purchase results varied, with conventional applications declining 2% and government applications increasing 4%, which is potentially a sign of more first-time homebuyer activity," said Joel Kan, an MBA economist. Mortgage demand continues to weaken, still right around a 22-year low, but there was a sign in the weekly numbers that first-time buyers may be slowly returning.
Mortgage applications to purchase a home fell 1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 21% lower than the same week one year ago. There was, however, a jump in demand for loans offering lower down payments. "Last week's purchase results varied, with conventional applications declining 2% and government applications increasing 4%, which is potentially a sign of more first-time homebuyer activity," said Joel Kan, an MBA economist.Download NBC 5 Dallas-Fort Worth
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