28 June 2023
Despite elevated borrowing costs, US mortgage applications for home purchases continued to rise for the third consecutive week. The Mortgage Bankers Association reported a 2.8% increase in applications for home purchases, reaching a nearly two-month high. The overall measure of mortgage applications, including refinancing, also climbed to its highest level since early May. However, the contract rate on a 30-year fixed mortgage increased by 2 basis points to 6.75%. The survey, which covers a significant portion of retail residential mortgage applications in the US, reflects the ongoing activity in the housing market.