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Home loan demand increases despite higher mortgage rates

Higher mortgage rates did not scare away potential homeowners last week. Borrower demand for home loans increased across the board, despite rates being at their highest level in over a month. 

“There are still so many borrowers looking to purchase a home. Plenty of buyers, but not enough homes for sale,” California-based mortgage loan officer Dan Stone, who works with hundreds of mortgage lenders, told HousingWire.

“Prices are still expensive, forcing buyers to look at less expensive homes or areas not as preferred. Many potential homebuyers are actively looking online, waiting for the right home and price,” Stone added.  

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