Mortgage rates pushed higher amid investors’ concerns

“Applications for conventional and VA refinances increased,” Joel Kan, an MBA economist, said in a statement. “Ongoing volatility in refinance applications is likely if rates continue to oscillate around current levels. A decline in purchase applications was seen for both conventional and government loans. There continues to be strong demand for buying a home, but persistent supply shortages are constraining purchase activity, and building material shortages and higher costs are making it more difficult to increase supply. As a result, home prices and average purchase loan balances continue to rise, with the average purchase application reaching $411,400 — the highest since February.”