Mortgage applications rise seven point four percent despite increased rates MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 Mortgage applications rose seven point four percent in the week ended March 3 despite a continued rebound in mortgage rates, which rose the highest level since November 2022, the Mortgage Bankers Association said, citing its Weekly Mortgage Applications Survey. The average contract interest rate for conforming thirty year mortgages of $726,200 or less jumped to six point seventy nine percent from six point seventy one percent the week before, while the rate for thirty year fixed-rate mortgages backed by the FHA climbed to six point fifty six percent from six point forty five percent.

 At the same time, MBA’s refinance index rose nine percent from the week before, as the refinance share of mortgage activity increased to twenty eight point nine percent of mortgage applications from twenty eight point seven percent in the preceding week. “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,” MBA Vice President and Deputy Chief Economist Joel Kan said in a news release. “Comparing the application indices from a year ago, purchase applications were still down forty two percent, and refinance activity was down seventy six percent.

 Many borrowers are waiting on the sidelines for rates to come back down.” The average contract interest rate for thirty year fixed-rate mortgages with jumbo loan balances of more than $726,200 increased to six point forty nine percent from six point forty for percent, and the average contract interest rate for a fifteen year fixed-rate mortgage increased to six point twenty five percent from six point thirteen percent.        

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