Purchase, Refinance Activity Booming on Low Long-Term Rates

Mortgage News from Quicken Loans

The continuation of long-term interest rates remaining low combined with an employment picture exceeding expectations has provided a significant catalyst to housing.

This morning the Mortgage Bankers Association reports that the weekly Market Composite Index, the association's measurement of mortgage loan application volume, surged forth 8.8 percent from one week earlier.

"Worrisome economic data pushed long-term interest rates lower early last week, but rates quickly moved higher after Friday's surprisingly robust employment report," explains Quicken Loans Chief Economist Bob Walters. "Nonetheless, long-term rates remain at their lows for the year, providing a boost to the housing market and fueling a refinance boom."

That boom grew in double-digits over the previous week, with refinance activity increasing 11 percent. Purchase activity also benefited from the current interest rate and employment environment, increasing 7.1 percent from one week earlier.

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Purchase, Refinance Activity Booming on Low Long-Term Rates

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