Despite a slight rise in interest rates, mortgage applications in the United States managed to climb higher last week. However, the government shutdown is not helping the real estate market, as some loan processing functions are delayed.
According to the Mortgage Bankers Association’s latest report, for the week ended October 11, loan applications increased 0.3 percent on a seasonally adjusted basis from one week earlier — only the seventh gain in 23 weeks. The figure includes both refinancing and home purchase demand and covers more than 75 percent of all domestic retail residential mortgage applications.
Read the full report here.