Homebuyer demand and an already strong refinance market pushed mortgage application volume up 4.1% last week, the Mortgage Bankers Association said.
Daniel Acker | Bloomberg | Getty Images
"Mortgage applications increased last week despite mixed results from the various rates tracked in MBA's survey," said Joel Kan, an economist for the trade group. "The average 30-year fixed rate mortgage rose slightly to 3.20%, but some creditworthy borrowers are being offered rates even below 3%." The average on the 30-year fixed was 88 basis points higher; 3.19%, where it was two weeks ago, was a record low. Borrowers today are looking for any potential savings, given the uncertainty in the economy due to the coronavirus pandemic.
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