Mortgage rates are moving higher, and that has some home shoppers rushing to locking in rates before they edge up even more.
Mortgage applications for refinancings and home purchases increased 4.5 percent last week compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Loan applications are now 6.1 percent higher than the same week a year ago.
Broken out, applications to purchase a home surged 6 percent during the week and reached their highest level since April 2010, the MBA reports. Loan applications for home purchases are now 7 percent higher than the same week a year ago.
Mortgage applications to refinance a home increased 1 percent for the week. Typically, refinance applications move lower when interest rates rise, but borrowers are showing some concern for missing an opportunity to refinance at lower rates.
The 30-year fixed-rate mortgage averaged 4.36 percent during the week, its highest average since March, the MBA reports.