After a brief lull to start the month, mortgage demand surged ahead yet again — even with the highest interest rates in several weeks.
Total mortgage application volume increased 6.8% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Refinance demand came roaring back, up 9% for the week and 86% annually. While millions of borrowers already have refinanced over the past year, millions more could benefit, as rates bounce around near record lows. The refinance share of mortgage activity increased to 64.3% of total applications from 62.8% the previous week.