Market Update: Mortgage Applications rise, driven by rate drop

Mortgage applications rose sharply last week, increasing 9.4 percent. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Consumers are seeing mortgage rates continue to decline and are jumping on this opportunity. This week’s increase in refinance and purchase activity was strong and suggests the lower rates have caught people’s attention. It’s especially welcome news to those that have waited out the harsh winter and are now ready to buy a home.”

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