Mortgage applications saw a boost in numbers this week rising 16%. The Mortgage Brokers Association (MBA) reported the data Wednesday a long with information regarding the refinance index which also rose 15% in the last week.
Low interest rates are driving the rise in numbers. This week the average rate for a conforming 30-yr-fixed mortgage rest at 3.73% and 3.53% for a Federal Housing Administration (FHA) backed loan. 15-year fixed rate mortgages are available at a 3% interest rate.