For the first time in six weeks, the number of people applying for mortgages is up, pushed higher by record low interest rates.
The refinance share of mortgage activity increased to 83.1 percent of total applications from 78.9 percent the previous week and is the highest refinance share since January 2009.
The average interest rate for 30-year, fixed-rate mortgages decreased to 4.21 percent from 4.25 percent, the lowest on record.
The average interest rate for 15-year, fixed-rate mortgages decreased to 3.62 percent from 3.73 percent, also the lowest on record.
The average interest rate for one-year, adjustable-rate mortgages decreased to 7.03 percent from 7.11 percent.
What kind of an impact the moratorium many lending institutions are placing on foreclosures will have on new mortgage applications remains to be seen.
Read more: Mortgage applications rise on lower interest rates – South Florida Business Journal