Historically Low Interest Rates Continue To Drive Increase In Mortgage Applications…
Mortgage applications continue to surge as interest rates on home loans remain low. Mortgage application volume rose 16.4% last week versus the previous week. Applications continued to surge as rates 30-year fixed rate mortgages remained below 5% for the third week in a row.
The average interest rate for 30-year fixed-rate mortgages fell to 4.89% last week from 4.94% the week before. The last time interest rates were this low was back in May 2009 when 30-year rates were 4.81%.
Refinancing applications jumped 18.2%, climbing to the highest level since mid-May while home purchase applications rose 13.2%, reaching the highest level since January.
The average rate for 15-year fixed-rate mortgages eased to 4.32% while rates for one-year adjustable rate mortgages, or ARMs, rose to 6.56%.