Mortgage rates ticked up to their highest level in a year, with demand for home refinancing drying up, Reuters reports.
As HousingWire reported Wednesday morning, refinancing and purchase applications did little to revive the declines suffered last week.
The article noted that loan requests for home purchases, a leading indicator of home sales, rose 2.6%, suggesting potential homeowners may have sought to lock in at low rates.
The low rates have helped the housing market, luring in buyers off the sidelines. The recovery in housing has been gaining traction since last year and data on Tuesday showed home prices saw their biggest annual increase in nearly seven years in March.