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Home loan borrower and refinance applications have surged in the US, according to a recent survey.
The Mortgage Bankers Association today released its survey on mortgage growth. The Market Composite Index, a measure of mortgage loan application volume, increased 14.3 percent on a seasonally adjusted basis since last week.
The Refinance Index increased 21.8 percent from last week’s adjusted index.
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The surge may be attributed to borrowers locking in fixed interest rates, which had fallen in recent times
In the US, the average contract interest rate for 30-year fixed-rate mortgages dropped to 5.13 percent from 5.18 percent.
And for 15-year fixed-rate mortgages, the average contract interest rate fell to 4.45 percent from 4.62 percent.
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