According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to buy homes was 21 percent higher last week compared to the same week one year ago. The year-over-year gains are significant but especially so on a week when average mortgage rates increased across most loan categories. Mike Fratantoni, MBA’s senior vice president and chief economist, says rates were up but buyers seemed unfazed. “Mortgage rates increased slightly last week …” Fratantoni said. “More notably, purchase application activity was more than 20 percent above last year’s pace. After a brief pause, in part because of the elevated geopolitical uncertainties, potential home buyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
