Mortgage demands tick upward, despite rate hike

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(New York, NY) -- First-time home buyers are starting to show more demand for mortgages.

CNBC says mortgage demand is still near a 22-year low, but weekly numbers indicate first-time buyers may be slowly returning.

The Mortgage Bankers Association says applications to purchase a home are down over 20-percent from the same week a year ago, but there has been a jump in demand for loans offering lower down payments. The demand comes even as interest rates show an increase this week.

Investors are expecting to hear more about interest rate hikes this week at the Economic Policy Symposium in Jackson Hole.