10/07/2009 Mortgage Applications Jump
"By Ben Rooney, CNNMoney.com staff reporter
Last Updated: October 7, 2009: 10:34 AM ET
Industry group says mortgage activity surged 16.4% last week as consumers took advantage of low interest rates.
NEW YORK (CNNMoney.com) -- Mortgage applications surged last week as interest rates on home loans remained low, an industry group said Wednesday.
The Mortgage Bankers Association said its index of mortgage application volume rose 16.4% last week versus the previous week.
The surge in activity came as rates on 30-year fixed rate mortgages, the most widely used loan, remained below 5% for the third week in a row.
The average interest rate for 30-year fixed-rate mortgages fell to 4.89% last week from 4.94% the week before, according to the MBA. It was the lowest level since May 2009 when 30-year rates were 4.81%."
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