Mortgage application volume rose for the fourth time in the last five weeks, even as rates on the 30-year fixed-rate mortgage increased for the seventh time in the past eight weeks. For the week ended Feb. 1, total application volume was up 3.4%, according to the Mortgage Bankers Association. The prior week was adjusted for Martin Luther King Day.
The reason for the uptick is a strong purchase market. MBA said its purchase index is at its highest point since May 7, 2010.