Homebuyers finally fuel mortgage volume, applications up 10%
It took a few weeks, but near record low mortgage rates may be pushing more homebuyers into this spring’s housing market.
Total mortgage application volume jumped 10 percent last week from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.
Refinance applications have been surging for weeks and gained 11 percent last week, seasonally adjusted. Mortgage applications to purchase a home, which fell two weeks ago despite lower rates, kicked into gear last week, rising a solid 9 percent from the previous week and 24 percent compared with one year ago. This is the second-highest level for purchase applications since May 2010.