For the first time in seven weeks, mortgage demand rose as applications were up 0.5% during the week ending Nov. 8, the Mortgage Bankers Association (MBA) reported Wednesday.

Purchase loan demand drove the slight increase in the MBA’s Market Composite Index, which measures loan application volumes. The purchase index rose 2% from the prior week on a seasonally adjusted basis. Refinances, however, were down 2% as mortgage rates continue to climb close to 7%, according to HousingWire‘s Mortgage Rates Center.

On a year-over-year basis, the purchase index was up 1% and the refi index was up 43%.

“Mortgage rates continued to details ⇒

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