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According to the mortgage Bankers Association’s Weekly Applications Survey, total mortgage loan application volume surged 18.0 percent last week, reaching its highest level since May 2009. The sharp increase was due, in part, to the Memorial Day adjustment in the previous week’s results but also because of record-low mortgage rates. Michael Fratantoni, MBA’s vice president of research and economics, said refinance volume spiked as average mortgage rates fell below four percent, and purchase application volume was at its highest level in over six months. The average Contract interest rate for 30-year fixed-rate mortgages with Conforming loan balances increased to 3.88 percent from 3.87 percent the week before. Low rates spurred a 19 percent increase in the Refinance Index last week, while the Purchase Index gained 13 percent. More here and here.
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