Mortgage demand is recovering as rates continued to fall last week for the fifth consecutive time.
The news caused current homeowners and potential homebuyers to immediately react to the changes.
The total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4 percent for the week ending Feb. 3, according to the Mortgage Bankers Association’s seasonally adjusted index.
The fall in the 30-year fixed mortgage rate helped lead to a rise in buyer applications last week.
“Applications rose last week as the 30-year fixed mortgage rate inched lower to 6.18 percent, its fifth consecutive weekly decline,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist, on Feb. 8….