The Mortgage Bankers Association (MBA) announced the number of consumers applying for a mortgage to purchase a home jumped 12 percent in the past week.
Last week, long-term interest rates dropped to their lowest point in two-years, and consumers took action, according to the latest Mortgage Applications Survey released today by the Mortgage Bankers Association.
The average interest rate on a 30-year U.S. mortgage with no upfront points fell to 6.0 percent on Monday, the first time since late 2005 that its been at that level. In addition, 15-year fixed rate mortgages can now be obtained at rates not seen since early 2006.