Mortgage rates wander higher but remain below 3 percent

“Low housing supply and rapidly rising prices have led to declining purchase activity in recent weeks, especially at the lower end of the market where demand is strongest and inventory is even more constrained,” said Bob Broeksmit, MBA president and chief executive. “As a result, government purchase applications — VA, FHA and USDA loans — have decreased from year-ago levels for five straight weeks. Refinance applications also declined last week, as fewer homeowners stand to benefit from rates that are higher than at the end of 2020.”