Mortgage Purchase Applications Rise 51.2% From Previous Week Despite Rising Mortgage Rates (Refi Apps Up 42.77%)

US mortgage purchase applications rose 51.2% from previous week, despite mortgage rates rising.

Of course, the first weeks of most years see large increases in mortgage purchase applications.

Mortgage refinancing applications were up 42.77% from the previous week.

Here is the MBA data.

So, the US housing market is off to a fast (and hot) start to 2022.

Mortgage Rates Rise to 2.87%, Reaching Highest Level Since July

Mortgage rates in the U.S. surged to the highest level in a month.

The average for a 30-year loan was 2.87%, up from 2.77% last week and the highest since July 15, Freddie Mac said Thursday. Mortgage rates have been below 3% since the beginning of July.

Such a small increase in mortgage rates should have little impact on home purchases, but it will dampen mortgage refinancings.

Or dampen the home price bubble.