Mortgage rates fluctuate, impacting demand.

Mortgage demand rose 2.9% last week as investors sought safety in the bond market, leading to lower mortgage rates. However, the gains may be short-lived as rates are now moving higher again. Applications to refinance a home loan increased 5% for the week but were still 61% lower year over year, while mortgage applications to purchase a home increased 2% for the week but were 35% lower than the same week one year ago. Homebuyers are returning to the market for the traditionally busy spring season but are finding very little available for sale.