Interest rates dropped last week, so buyers took advantage.
CNBC reports that mortgage application volume rose 3 percent on a seasonally adjusted basis from the previous week. The increase is likely due to last week’s .03 percentage point drop in the average contract interest rate for a 30-year fixed-rate mortgage, which is now down to 4.14 percent.
Mortgage application volume is down 25 percent from a year ago, however.
Refinance loans were up 5 percent last week but dropped 44 percent from the same time last year.