Plenty of things are scaring potential homebuyers today, but apparently interest rates aren't one of them.
Mortgage application volume eked out a 0.6 percent gain on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association. The tally includes an adjustment for the Columbus Day holiday. Applications are now 18.5 percent higher than a year ago.
Mortgage applications to purchase a home increased 3 percent from the previous week, seasonally adjusted and are now 13 percent higher than the same week one year ago. While home sales have been slowing since August, there are more mortgage-dependent buyers in the market today from a year ago. That may account for the increase in applications. Investors, who largely use cash, have been slowing their purchases this year overall. Homebuying has slowed as price gains accelerate and consumer confidence in housing wanes.