The mortgage rates went up another week last week. This has had a negative impact on current borrowers, who may have been looking for refinances. However, demand from homebuyers appears to be holding on for the moment.

The Mortgage Bankers Association’s seasonally adjusted index shows that the volume of total mortgage applications decreased by 6.8% last Wednesday compared to the week before. As a result, the 30-year fixed rate mortgage interest rate with conforming loan balances of $647,200 and less increased to 4.80%, from 4.50%. Points decreased to 0.56, including the origination fee, for loans that have a 20% downpayment.

Michael Fratantoni (MBA’s chief economist) stated that mortgage rates rose to the highest levels in over three years as investors continued to value the effect of the Federal Reserve’s more restrictive monetary policies.

Refinance applications dropped 15% per week, which was the main reason for the decline in mortgage demand. Refinance applications are down by 60% over a year. From 44.8%, the last week’s total mortgage applications, 40.6 percent was refinanced.

Although mortgage applications for purchasing a house increased by 1% over the past week, they were only 10% higher than one year ago. Today, homebuyers face record high prices and low supply. Mortgage rates are also rising. While affordability may be declining dramatically, real estate agents warn that there is still plenty of competition.

“I can honestly say this: I have more cash buyers than any year before, and I am borrowing money from my parents.” Kelly Theriot McMahon is a real-estate agent who said that they are just looking for cash as it’s cheaper than cash offers. Compass in Dallas.

Last Sunday’s open house was attended by 83 buyers. She stated that they were preparing themselves to enter a bidding contest.

Lauren Poey said that potential buyers should look closely at the house and realize they will have to pay $40,000 more than what was asked for.