Last week, the number of Americans applying for mortgages increased from the previous week, according to a report released today by the Mortgage Bankers Association (MBA).
The Market Composite Index, which measures week-over-week mortgage activity, showed that for the week ending March 20, mortgage volume jumped 32.2 percent when compared to the week prior. The number of refinance applications surged 41.5 percent, while applications from those seeking to purchase a home rose 4.2 percent.
“Mortgage activity continued its upward trend last week, as interest rates fell in response to the Fed’s unprecedented purchase of mortgage-related assets,” said Bob Walters, Chief Economist, Quicken Loans.
“These rates, which are at their lowest levels in a very long time, combined with government programs aimed at first-time home buyers, should prove to be the elixir needed for sustained improvement in mortgage activity.”
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