Mortgage applications for home purchases and refinancing increased last week, as more buyers and home owners rushed to take advantage of ultra-low interest rates.
Mortgage applications for purchase — a gauge for future home buying — jumped 6.4 percent last week, according to the Mortgage Bankers Association.
The increase helped send overall mortgage applications soaring 4.9 percent last week. Refinance activity, which accounted for 77.3 percent of all mortgage applications, increased 4.4 percent from the previous week.
The Mortgage Bankers Association reports that in September investors accounted for 6 percent of mortgage application activity, a 5.7 percent jump from the previous month.
Source: “Mortgage Applications Increase 4.9%,” HousingWire (Oct. 25, 2011); Daily Real Estate News (102611); Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee