After pulling back for several weeks, homebuyers stepped back into the mortgage market last week.
Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 8% higher compared with the same week one year ago.
While the supply of homes for sale at the low end of the market is slim, there is a growing supply of higher-end homes for sale, so buyers have more to choose from. Prices are also easing up a bit, although they are still higher in most major housing markets compared with a year ago. "Even with slower price appreciation in higher-priced markets, home prices are still rising enough to push average loan sizes higher," said Joel Kan, an MBA economist. "With purchase activity increasing and mortgage rate movements mostly unchanged, the refinance share of applications were at their lowest level since last November."
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