Mortgage demand jumps, despite rising interest rates

Despite the increase in the average 30-year mortgage interest rate to 7.31%, last week saw an increase in mortgage applications by more than 5%, according to the Mortgage Bankers Association. A Valley real estate agent, Trevor Halpern, advised that instead of being too focused on the interest rate, homebuyers should consider the bigger picture such as home values and lifestyle lifts. The MBA also reported a 13% jump in applications to refinance homes last week. The Federal Reserve put a pause on interest rate increases, however the 10-year Treasury yield still affects mortgage rates.

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