A “For Sale” sign outside of a home in Atlanta, Georgia, on Friday, Feb. 17, 2023.
Dustin Chambers | Bloomberg | Getty Images
After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher.
Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association‘s seasonally adjusted index.
This happened even as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.79% from 6.71%, with points rising to 0.80 from 0.77 (including the origination fee) for loans with a 20% down payment. That is the…