Mortgage applications are now at their highest level in more than two years after an 11% jump during the week ending Sept. 20, according to the newest weekly applications survey from the Mortgage Bankers Association (MBA).
The 11% increase in the MBA’s overall applications index — boosting the index to its highest point since July 2022 — was fueled primarily by refinances, which rose 20% from the prior week and are now 175% higher compared to the same week in 2023. Purchase loan applications saw more modest increases of 0.4% week over week and 2% year over year.
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