Mortgage Application Volume Is Up 73%

Industry group reports a significant year-over-year increase

Today, the Bankers' Association reported that the volume of applications had increased 73% over the same week last year.

Surprisingly, the loan applications to refinance existing homes had decreased 1% while applications to purchase existing homes had increased 12% on a week-to-week term.

The average 30 year fixed rate was 5.6%, while the average rate for a 15 year conventional fixed rate was 5.04%. The average pricing on a one year ARM was 5.62%.

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