Market Update: Mortgage applications rise on rate drop

The Mortgage Bankers Association’s index of mortgage applications increased by 3.8 percent on a seasonally adjusted basis last week, with refinances rising 5 percent and purchase applications also increasing 2.4 percent.

Quicken Loans vice president Bill Banfield offers the following comments on the report:

“A drop in interest rates drove the spike in mortgage activity. It’s clear potential buyers and refinancers are paying close attention to the financial markets and where they are pushing rates. The informed consumers will see that rates can push back up at the whim of the market so they must act fast when it makes financial sense for them.”

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