The Mortgage Bankers Association revealed that there has been a 30.2 percent jump in mortgage applications in its Weekly Mortgage Applications Survey.
"[This week] applications increased across the board, and the 30-year fixed mortgage rate hit its lowest level since September 2019," said Joel Kan, the associate vice president of economic and industry forecasting at MBA, according to HousingWire.
"Refinances increased for both conventional and government loans, as lower rates provided a larger incentive for borrowers to act."
The MBA's report also revealed that both conventional and government refinance loans increased with declining rates. It has been a very successful start to the new year for the housing industry, as buyer activity also increased. With rates still hanging on the lower end, it is likely to encourage more prospective buyers to enter the market.
To learn more about the MBA's findings in its Weekly Mortgage Application Survey, click here.