Mortgage Applications Keep Rising

According to the Mortgage Bankers Association's report on Wednesday morning, average contract interest rates for traditional 30-year mortgages crept up to just under 3% in the first week of August. The MBA’s mortgage market index rise indicated a 3.2% growth in applications for refinancing existing homes, and new purchase applications rose 1.8%. According to Joel Kan, the associate vice president of economic and industry forecasting, Low rates continue to drive interest in new applications, saying, “Homeowners continue to respond to lower rates, with refinance activity climbing to the highest level since February in 2021.”