MBA: Purchase applications boost weekly mortgage activity

Home-mortgage applications increased by 0.8% despite rates reaching a one-month high, driven by a 2% rise in purchase activity offsetting a 1% decline in refinancings. The average 30-year fixed mortgage rate slightly rose to 6.79%. Adjustable-rate mortgage activity reached a five-week high of 8%, while refinance share decreased to 41.8%. Increased home availability supports transaction volume.