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The Mortgage Bankers Association announced this morning that applications for mortgage loans jumped 2.4 percent last week when compared to the week prior.

The report showed the Purchase Index rose 2.1 percent while the Refinance Index increased 2.7 percent from the previous week.

Quicken Loans Chief Economist Bob Walters attributes the gains to historically low interest rates, an increase in the popularity of FHA loans, and some easing in the credit markets.

“With the recent turmoil in the housing industry, the rise in purchase and refinance applications is definitely a welcome development,” Walters said. “As credit restrictions slowly unwind, and consumers begin to take advantage of low interest rates and attractive loan programs, such as FHA loans, I’d anticipate a steady improvement in mortgage applications in the near term.”

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