June 28 (UPI) — The number of people taking out mortgage applications for a home climbed 3% from the week before but remained 21% lower from the same time last year, according to the latest statistics from the Mortgage Bankers Association on Wednesday.

The association’s seasonally adjusted index indicated that it was the third consecutive week mortgage applications increased to reach their highest level since early May, despite high mortgage rates.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $726,200 or less increased to 6.75% from 6.73%.

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