Demand for mortgages rose 3% in the latest week as rates fell for the second week in a row.
The numbers: The drop in mortgage rates has opened the gates for a flood of home buyers.
The market index rose by 3%, to 221.0, for the week ending March 17 from a week earlier. A year ago, the index stood at 456.2.The purchase index — which measures mortgage applications for the purchase of a home — rose by 2.2% from the previous week. For homes sold for over $726,200, the average rate for the 30-year was 6.3%, down from 6.39% the previous week.The rate for adjustable-rate mortgages decreased to 5.58% from the 5.69% the week before.Many home buyers have been put off by high housing prices and mortgage rates over the past year. So a dip is prompting a surge in home-buying activity.
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