June 10 (UPI) -- The number of Americans applying for home mortgages has risen for the eighth straight week, according to new figures Wednesday.
In its weekly seasonally adjusted index, the Mortgage Bankers Association said the level of new applications was 13 percent higher year-to-year and 5 percent higher than last week's.
MBA analysts said the gains reflect pent-up demand from buyers who have been constrained for months by stay-home orders and distancing restrictions during the COVID-19 pandemic.
"Fueled again by low mortgage rates, pent-up demand from earlier this spring, and states reopening, the recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January," said Joel Kan, MBA associate vice president of economic and industry forecasting.
Refinancing has rebounded slightly from the lowest levels since February, rising from 60 percent of total applications two weeks ago to 61 percent last week.
Applications increased even though interest rates rose last week after reaching all-time lows on June 1. Rates grew this week after the Labor Department reported Friday the U.S. economy added 2.5 million jobs in the month of May.