NEW YORK–Mortgage applications rose to their highest level in six weeks even as the average rate on the 30-year mortgage also increased to its highest levels in nine months, according to new data.
The Mortgage Bankers Association reported that its application index shows requests rose 4.1% to 406.3 for the week ended Jan. 12, the highest since 408.3 during the week of Dec. 1, 2017.
The increase in apps is taking place at the same time data show the average rate on the 30-year mortgage, on loan balances of $453,100 or less, has risen to 4.33%, a 10-basis-point increase over the prior week.
This was highest average since the 4.34% reported March 31, 2017.