Homebuyers Stay Resilient Despite Rising Mortgage Rates

Mortgage applications fell 4.1% weekly, with unadjusted data showing a 15% drop. The refinance index declined 9%, 65% lower than last year, while the purchase index decreased 1% seasonally adjusted and 13% unadjusted, down 19% year-over-year. Rising mortgage rates near 7% and higher bond yields reduced buyer activity and refinancing benefits. The refinance share dropped to 39.4%, and average 30-year fixed rates rose to 6.97%. Mortgage intent also declined about 15% due to the holiday and high rates.