Mortgage applications are continuing to climb month after month even with the uptick in mortgage rates. A recent report shows that mortgage applications rose by 9.6% for the week ending on November 8.
"Mortgage applications increased to their highest level in over a month, as both purchase and refinance activity rose despite another climb in mortgage rates," said Joel Kan, the Mortgage Banker Association’s vice president of economic and industry forecasting, according to HousingWire.
"Positive data on consumer sentiment and growing optimism surrounding the U.S. and China trade dispute were behind last week’s rise in the 30-year fixed mortgage rate to 4.03%."
In addition, refinance applications are up 13% to the highest level in five weeks, according to the report. Both FHA and VA refinances have climbed, pushing the overall growth of refinance applications.
"As for the nation’s purchase environment, Kan said although last week was great for homebuyers, supply constraints continue to hinder growth," according to HW.
To learn more about the increase in mortgage applications over the past couple of months, click on the image above.