With mortgage rates remaining at their lowest levels for January in seven years, more prospective homebuyers are coming out in high numbers.
"Thanks to the attractive mortgage rates, buyers are finding open houses can be crowded — because lenders and real estate agents are reporting an unusually busy winter for the housing market," according to Yahoo.
"Following the recent drama with Iran, investors began putting their money into safe-haven investments like U.S. Treasury bonds. As a result, prices of bonds went up, their yields (interest rates) went down — and mortgage rates dropped along with them."
Buyers have been jumping at the opportunity to purchase a home while rates are historically low. The report revealed that mortgage applications grew 30.2% with refinances growing 43%.
To learn more about the jump in buyer activity and why rates have been lingering at new lows, click here.