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Last week, the number of Americans applying for mortgages increased 10.9 percent when compared to the week prior, according to a report released today by the Mortgage Bankers Association (MBA). The study showed refinance applications were up 15.2 percent, while applications from those seeking to purchase a home increased 6.7 percent.

According to Quicken Loans Chief Economist Bob Walters, steadily falling mortgage rates contributed to the upswing in mortgage activity.

“After several weeks of mortgage rate increases, the market saw rates begin to fall. As is often the case, application activity closely follows the rates. When rates decrease, activity increases. It is for this very reason that the Federal Reserve has taken such a proactive position in ensuring that rates remain low as a means to jump-start the housing market.”

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