Mortgage Applications Rise as Brief Rate Dip Boosts Home Sales

Mortgage applications rose last week, after a brief dip in rates due to hopes of an Iran peace deal.

The Mortgage Bankers Association's Market Composite Index increased 3.6% on a seasonally adjusted basis from the previous week.

The Purchase Index, which is a leading indicator for home sales, rose 3% week over week but was down 1% from last year.

Mortgage rates have closely followed oil prices in recent months, and the dip in rates last week was attributed to rumors of a peace deal that helped push crude oil prices lower.