Wow, I didn't expect this. Mortgage rates have dipped a little in the last few weeks, but 16% is a large increase. This might be related to recent drop in prices.
The Mortgage Bankers Association’s index of loan applications surged 16 percent in the week ended March 4, the biggest gain since June. The measure fell 6.5 percent in the previous period that included the Presidents’ Day holiday. The group’s purchase index climbed 13 percent last week, the most since November, while its refinancing gauge jumped 17 percent.
As the jobless rate eases and companies ratchet up hiring, more Americans may look to buy houses, stabilizing the industry that triggered the recession. At the same time, a growing number of foreclosed properties continues to depress prices and may hamper the housing recovery.Read it all