Homebuyer Mortgage Demand Rises As Interest Rates Jump

(Washington, DC) — Rising interest rates might be persuading potential homeowners that now is the time to buy. Applications for loans to buy homes rose two-percent last week as the interest rate hit a nearly two-year high. The national average interest rate for a 30-year fixed-rate mortgage jumped 19 basis points last week, to three-point-52 percent. That’s the highest since March of 2020 and 64 basis points higher than this time last year. Applications to refinance existing mortgages fell one-tenth percent.