Weekly mortgage demand from homebuyers increased despite big interest rate volatility

Despite a surge in mortgage rates attributed to rising oil prices, homebuyer mortgage demand has increased this week. This indicates that potential buyers are still looking to enter the housing market, likely in response to pent-up demand or expectation of further rate increases. However, the rising costs are causing a pullback in refinancing activities, suggesting that homeowners are hesitant to refinance at higher rates. The potential for continued volatility in both oil and mortgage rates could impact consumer behavior in the housing market moving forward. Overall, the scenario presents a mixed signal for the housing market balance between demand and affordability.