The Market Composite Index, which measures week-over-week mortgage activity, showed that for the week ending April 3, mortgage volume increased 4.7 percent when compared to the week prior. The number of refinance applications rose 3.2 percent, while applications from those seeking to purchase a home increased 11.1 percent.
“Refinance applications showed no signs of slowing down last week. Mortgage activity continued to improve as consumers took advantage of attractively low interest rates. While credit guidelines remain stringent, there are plenty of qualified folks who are putting more money back in their pockets by locking in a low rate,” said Bob Walters, Chief Economist, Quicken Loans.
“Incentives like the first-time homebuyer tax credit are helping to generate increased purchase activity.”
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