Mortgage applications began ticking upward for the week ending Dec. 9 after four weeks of declines, according to the Mortgage Bankers Association.
Applications rose 3.2% compared with the previous week. Applications to refinance a home were up 3% from the previous week, but still down 85% year over year.
The average interest rate for 30-year fixed-rate mortgages with loan balances less than $647,200 rose slightly to 6.42% from 6.41% from a week earlier.
“Rates increased slightly after a month of declines, as financial markets reacted to mixed signals regarding inflation and the Federal Reserves next policy moves,” said MBA economist Joel Kan.
“With rates more than three percentage points higher than a year ago, both purchase and refinance applications are still well behind last years pace,” Kan said.
