Mortgage market activity accelerated this past week despite rising interest rates amid the ongoing war in Iran.
For the week ending June 5, mortgage applications surged almost 11 percent, according to Mortgage Bankers Association data released on June 10.
Applications for purchases jumped 7 percent from the previous week, while refinancing demand increased 15 percent.
The rebound happened even as rates remained elevated.
The average 30-year fixed mortgage rate rose 9 basis points to 6.6 percent. While this is marginally down from the recent peak of 6.65 percent, it is firmly above the pre-Iran war level of 6.09 percent. At the same time, interest rates are about 30 basis points lower than a year earlier….