Mortgage demand from buyers amazes again, now up 13% annually

Rising interest rates did nothing to deter an onslaught of mortgage demand from homebuyers.

Applications for loans to purchase a home rose 5% last week from the previous week and were 13% higher than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. 

Mortgage rates started the week near a record low but rose steadily throughout the week, with a spike on Friday, following the May employment report, which was much less dire than expected. The average for the week, however, showed only a small gain, with the 30-year fixed increasing to 3.38% from 3.37% for conforming loans with a 20% down payment. Points,…