Market update: mortgage applications rise 5.3% in MBA’s latest survey

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.”

If you would like to talk to someone at Quicken Loans about today’s report or anything in the mortgage market, please contact us.