Mortgage rates continued to fall last week, and both current homeowners and potential homebuyers reacted swiftly.
Total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
With rates at the lowest level since early September, refinance demand surged 18% week to week but was still 75% lower than the same week one year ago. The refinance share of mortgage activity increased to 33.9% of total applications from 31.2% the previous week. "Purchase activity that was put on hold last year due to the quick run-up in rates is gradually coming back as rates ease and housing demand remains strong, driven by supportive demographics and the ongoing strength in the job market," said Joel Kan, an MBA economist.
"This increase is a sign that the recent upward trend in purchase activity remains skewed toward larger loan sizes and less first-time homebuyer activity, as entry level housing remains undersupplied, and buyers struggle with affordability in many markets," said Kan.
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