The MBA’s weekly mortgage application survey showed a 5.3% increase in overall volume, with purchases increasing 9% from the previous week. Quicken Loans Vice President Bill Banfield offers the following comments on the report.
“The increase in mortgage applications is a bright spot in a spring home buying season that has been late to bloom. While all rates are low right now, the 15-year product is a particularly attractive option for those looking to buy or refinance, with rates sitting almost a full point lower than the 30-year, and the added bonus of saving tens of thousands of dollars in interest over the life of the loan.”
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