Rates Aren't Deterring These Buyers

Higher Rates Aren't Deterring These Buyers
Mortgage rates jumped to the highest averages of the year last week, prompting volume to fall, the Mortgage Bankers Association reported Wednesday. However, many high-end home buyers weren't deterred by the higher rates. Applications for home purchases increased 2 percent for the week and are now 2 percent higher than year-ago levels, MBA reports. The rise was mostly due to high-end home buyers, with the average purchase loan size rising to $294,000 last week—the highest ever recorded by MBA. Fifty-four percent of Americans say that they believe getting a mortgage is easy. Read more about March 2015: Spring Home buying Season