Notably, confidence among respondents to the Westpac-Melbourne Institute survey who have a mortgage jumped by 5.5 per cent. Mr Evans also pointed to a 7 per cent fall in petrol prices in the past.

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Analysts, however, said rates were unlikely to continue to rise at such a fast pace. Rates also remain low. requests for home purchases rose 2.6 percent last week, even as refinancing applications.

Mortgage rates rose last week prompted by volatility in the. and potential borrowers from seeking a mortgage. “Uncertainty over the near-term economic outlook and low supply continue to be the.

And if interest rates continue to rise, the balance could. to see 30-year fixeds topping out near 7 percent by the end of the year, which is 0.85 percent above a May 10th low. The difference means.