Homes in the North Park neighborhood of San Diego, California.
Bing Guan | Bloomberg | Getty Images
After falling steadily for a month, demand for mortgages to purchase a home rose slightly last week.
Coupled with a continued increase in refinancing, total mortgage application volume rose 2.8% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Mortgage applications to purchase a home rose 2% for the week but were still 18% lower than a year ago. Buyers are contending with high prices and limited supply, although more residences are slowly coming onto the market. The type of loan now seeing higher demand is telling.
“The higher level of purchase activity…