Real Estate

Mortgage demand rebounds, interest rates at highest level in over a month


Prospective buyers at an open house in Florida.

Mike Stocker | South Florida Sun Sentinel | Tribune News Service | Getty Images

The recent softening in home prices may be helping homebuyers swallow higher mortgage rates. Despite a rise in rates last week, demand for mortgages rebounded.

Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.55% from 6.43%, with points remaining at 0.63 (including the origination fee) for loans with a 20% down…


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