Homebuyers Return Despite Higher Mortgage Rates

Purchase mortgage applications ↑4% from the prior period and ↑7% yearly, showing buyers re-engaging despite higher borrowing costs across major loan types.
Total mortgage application volume ↑~2% for the May 8 period, while 30-yr fixed rates reached the mid-6% range, their highest recent reading.
Context matters: the buyer rebound followed a softer spring start, when demand paused amid economic uncertainty and market volatility for some shoppers.
Conforming and jumbo mortgage rates both sat in the mid-6% range, while government-backed loans were near 6% and 15-yr fixed rates stayed below that.
Refinance applications ↓1% from the prior period but remained ↑28% yearly; refinance share landed at ~41% of total applications in current data.