Homebuyers seemed undeterred by last week's turnaround in interest rates, or perhaps they were spooked into action.Total mortgage application volume was flat for the week, down a slight 0.1%, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was still 67% higher than the same week one year ago, when rates were much higher.
Applications to refinance a home loan, which are highly sensitive to weekly rate moves, fell 4% for the week but were 148% higher annually. Overall volume has been very strong since July, when rates began falling sharply, and are therefore still elevated, despite the one-week drop. The average loan amount for purchase applications rose to the highest level since June, suggesting that most of the buying now is on the higher end of the market. The supply of homes for sale is leanest on the low end, and builders are still focused on the move-up market.
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