Mortgage rates are rising again, but homebuyers are trickling back

Applications for a mortgage to purchase a home rose 1% for the week and were 21% higher year over year. More supply has come onto the market, and consumers appear to be getting used to the ever-changing news regarding the war with Iran.

"After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country," said Mike Fratantoni, MBA's chief economist.

Mortgage rates moved higher to start this week, according to a separate survey from Mortgage News Daily. Investors are now eagerly awaiting the latest report from Federal Reserve Chairman Jerome Powell on Wednesday, at what could be his last meeting as chair. Markets do not expect interest rates to change, but commentary at the news conference following the meeting is always key to future expectations and could move mortgage rates again in either direction.