Homeowners and prospective homebuyers leaped back into the U.S. housing market last week after a decline in mortgage interest rates stimulated loan demand.
According to the Mortgage Bankers Association, mortgage applications surged 20.4 percent on a seasonally adjusted basis from the previous week for the week ended Feb. 28.
Refinance activity climbed at the fastest pace since October, rising 37 percent week over week.
Falling mortgage rates fueled renewed interest in the real estate market at the end of February.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $806,500 or less was 6.73 percent, down 15 basis points from the previous week. This was the lowest level of the year….