Applications for fixed-rate mortgages climbed to the highest level in nearly a year as borrowers rushed to lock in interest rates before they jump higher.
“Mortgage application volume rebounded strongly,” says Mike Fratantoni, MBA’s chief economist.
Applications for home purchases are now 15 percent higher than a year ago. Refinance applications still remain nearly 5 percent below last year’s levels.
“These increases really help the home buying market,” Matt Weaver with PMAC Lending told CNBC. “It really gets buyers to understand that ... rates are at an all-time low — let’s react before they go higher.”