According to the Mortgage Bankers Association, applications to purchase or refinance a home spiked by 12.8 percent this week.
Refinances are accounting for almost 2/3 of all mortgage activity (64%).
Mortgage rates have been steadily falling since June of 2009 and are now under 5 percent again. The MBA reports that the average interest rate for a 30-year, fixed rate mortgage fell to 4.97% from 5.08% the week before.
Senior Home Loan Consultant
Mortgages and Refinancing: Westlake Village and Calabasas to Malibu.