Mortgage applications for home purchases reached a new high for the year for the third consecutive week, as 30-year mortgage rates sank to a new all-time low, the Mortgage Bankers Association reported Wednesday.
The MBA’s index measuring mortgage application activity for both home purchases and refinancing soared 6.2 percent for the week ending Dec. 7. Applications for home purchases, viewed as a leading indicator of future home sales, rose 0.7 percent and hit another high point of the year.
Applications for refinancings — which make up the biggest bulk of the MBA’s index — rose 8 percent last week.
Home owners and buyers are rushing to take advantage of record low mortgage rates. Fixed 30-year mortgage rates dropped to the lowest point in history, averaging 3.47 percent for the week ending Dec. 7, down from 3.52 percent the previous week, according to the MBA.
SOURCE: Realtor News