Mortgage applications take enormous 16.6 percent weekly jump
Spurred by record low rates, mortgage applications jumped 16.6 percent for the September 28 week, according to the Mortgage Bankers Association. Applications for refinance hit a three-year high, up 20 percent from the previous week. Purchase applications rose 4.0 percent.
The increase in activity came as mortgage rates continued dips to fresh record lows, influenced by downward pressure from the Federal Reserve’s latest Quantitative Easing program.
The Mortgage Bankers Association tracks mortgage applications for 75 percent of U.S. retail residential mortgage applications.
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