Interest rates dropped again for the fourth week in a row, which officials say is helping to increase the number of mortgage applications in the US. The Mortgage Bankers Association says the number of applications has increased at the fasted pace in two months and they say it’s because of dipping interest rates.

According to Reuters, the organization follows both refinances and home purchases. That activity increase by more than eight percent the week that ended May 6. “Rates dropped again last week as the Federal Reserve continued its asset purchase program,” Michael Fratantoni, MBA’s vice president of research, said in a statement according to Reuters. “Over this four-week span, the refinance index has increased by about 18 percent. Despite the recent increases however, refinance application volumes remain more than 50 percent below levels seen last fall.”

Breaking it down, refinancing made up more than 60 percent of all loan applications and climbed to its highest level since March. Fixed 30-year rates were at about 4.67 percent on average. That was down from 4.76 percent the previous week.

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