After weeks of mortgage loan application activity falling, the Mortgage Bankers Association reported that application activity increased last week almost 15 percent from the previous week.
The increase does come on the heels of a holiday week, but Michael Fratantoni, MBA’s vice president of research and economics said with average mortgage interest rates remaining below 5 percent, it’s an attractive time for home buyers.
Also, refinance activity continues to gobble up additional market activity, rising to 65.5 percent of all applications from 64.9 percent last week.
The average 30-year fixed rate mortgage rose from 4.84 to 4.93 percent last week, according to the MBA.
