Michele Raneri

Mortgage applications rose again despite rates moving slightly up last week. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – jumped 3.7%, adding to the week prior’s 10.4% spike. Adjusted purchase applications rose by 8%, while the unadjusted index increased by 3% and was 18% lower YOY. Demand may have been tempered by rates ticking up slightly from 6.75% to 6.78%. Still, even as buyers remain sensitive to rate movement they do appear to be leaping to lock in rates under 7%. “Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity. Conventional and FHA purchase applications drove most of the…