US mortgage applications rose 3.2% in the first week of March from the previous week, marking a fourth consecutive weekly increase and reaching their second-highest level since 2022. This uptick occurred despite a renewed rise in benchmark mortgage rates, as the outbreak of war in Persian Gulf countries pushed energy prices higher and drove up yields on longer-dated US Treasury securities.
Applications for mortgages to purchase new homes jumped 7.8%, rebounding after several weeks of underperforming the overall market. Meanwhile, applications to refinance existing mortgages—typically more sensitive to short-term rate movements—edged up 0.5%.
