Mortgage applications jumped 8.4 percent on a seasonally adjusted basis last week from the previous week in anticipation of rising rates, CNBC reports.
Meanwhile, refinance volume increased 7 percent on the week. Purchase volume is now 15 percent higher the same week year-over year.
"These increases really help the homebuying market. It really gets buyers to really understand that 'wait a minute, rates are at an all-time low, let's react now, let's react before they go higher,'" Matt Weaver of Florida-based PMAC Lending told CNBC.