WASHINGTON–Mortgage applications last week hit their highest level in over a month, even as rates have remained near 7%.

According to the Mortgage Bankers Association’s new data, the average rate on the 30-year, fixed-rate mortgage was 6.93%, but total application volume jumped 12.5%, with refinancing applications soaring 16% and purchase applications climbing 10%.

Several factors are contributing to the rush, according to analysts, including a lot of pent-up demand by would-be buyers recognizing that rates are unlikely to come down much further any time soon, with additional concerns rates may actually rise further. 

More Homes Hit Market

In addition, more homes are hitting the market, with supply is up about 31% compared to last year, according to Realtor.com. While rates remain higher than many would like, that has been offset by the fact home prices are starting to ease in some places, according to CNBC.

“Homebuyers are finally pouncing on the new pockets of inventory opening up in certain markets,” Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association, said in a statement.