Mortgage Applications Increase By 9.7% After Weeks Of Decline

Mortgage industry experts are optimistic about a potential increase in purchase volume during the spring season. Mortgage applications rose by 9.7% last week, with a notable surge in the Purchase Index. Despite concerns about inflation and rising rates, first-time homebuyers are driving demand, particularly for FHA loans. The slight decrease in refinance activity was accompanied by an increase in adjustable-rate mortgages.