Mortgage applications jumped 16.7% after a 4.2% drop last week, according to the Mortgage Bankers Association.
The jump underlines the seasonality behind last week’s decrease in mortgage rates, as well as the expectation of additional fiscal stimulus from the incoming administration, per MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.
“Booming refinance activity in the first full week of 2021 caused mortgage applications to surge to their highest level since March 2020, despite most mortgage rates in the survey rising last week,” Kan said.
The 30-year fixed mortgage rate climbed two details ⇒
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