Mortgage Applications Gain Steam Despite 14-Year High Rates

Mortgage applications rebounded with a 3.8% weekly gain in volume levels.

According to Mortgage Professional America, “treasury yields continued to climb higher last week in anticipation of the Federal Reserve’s September meeting, where it is expected that they will announce – in their efforts to slow inflation – another sizable short-term rate hike,” said Joel Kan, AVP of economic and industry forecasting at MBA. “Mortgage rates followed suit last week, increasing across the board, with the 30-year fixed rate jumping 24 basis points to 6.25% – the highest since October 2008.”

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