U.S. mortgage applications tick up in spite of high rates

WASHINGTON, March 8 (Xinhua) -- U.S. mortgage applications climbed 7.4 percent in the week ended March 3 from the week prior, despite higher mortgage rates.

Demand for refinancing, as well as home buying, increased, according to data released Wednesday from the Mortgage Bankers Association (MBA).

This comes as the U.S. Federal Reserve continues its rate hikes, in a bid to tamp down the worst inflation in decades.