Mortgage applications dropped sharply over the holidays, but that decrease was only temporary. In fact, total mortgage applications volume (including both applications to purchase a home, as well as homeowners looking to refinance) climbed by a whopping 21.3% last week!
The total number of mortgage purchase applications are also 19% higher than they were at this time last year. Mortgage applications index reached its second highest level on a seasonally-adjusted basis since May 2010.
According to Bankrate.com, the national average for a 30-year fixed rate mortgage is 3.80%. It’s important to note that this rate may include points (which allow buyers to pay an upfront fee in order to reduce their interest rate), and reflect only buyers with the strongest credit scores.