Loan Applications Increase Despite Spike in Rates

Mortgage rates climbed in the week ending July 17, yet the demand for loans still managed to increase during the week, according to a weekly industry survey.

The Mortgage Bankers Association said average rates for a 30-year mortgage rebounded from 5.05% to 5.31% last week, erasing the improvement seen in the prior week when rates fell 29 basis points. The jump in rates didn’t put a halt to refinancing or home purchases, however, as both indexes continued moving up from the seven-month low seen three weeks ago.

The Market Composite Index â€