Market Update: Refinances drive growth in mortgage applications

This morning’s MBA Weekly Mortgage Applications Survey reported a 4.5% rise in mortgage applications, with refinance applications jumping 6.3%. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“The rate of refinance applications rebounded from last week’s decline. Spring is in the air and homeowners are waking up from their long hibernation and leveraging today’s historically low interest rates to refinance their mortgages to free up cash just in time for the warm spring and summer months.”