Two weeks of rising rates are taking their toll on homeowners hoping to refinance, but homebuyers are not pulling back.
Mortgage applications to purchase a home rose 1% last week from the previous week and were 7% higher than a year ago. Purchase applications reached their highest level since April 2010.
Total mortgage application volume decreased 3.5% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 14% higher than a year ago.
Applications to refinance a home loan brought the total down, falling 8% for the week but still rising 26% from a year ago, when interest rates were higher.