"Surging Mortgage Demand Defies Rising Interest Rates and Holiday Period"

Mortgage demand increased nearly 10% despite a slight rise in interest rates, with applications to refinance jumping 19% from the previous week. Purchase applications also rose 6%, but were still 16% lower than the same week last year, as buyers face limited supply and high home prices. Real estate agents are seeing a surge in demand from buyers who were previously sidelined by higher rates, while some consumers expect rates to fall further. However, mortgage rates increased slightly at the start of the week, and the upcoming Consumer Price Index release could impact rates further.