Weekly mortgage applications are up 8% from a year ago, while applications for mortgage refinancing soared by 109% during that same period. The last time application volume hit this level was in late 2009.
Even though housing inventories remain low, Joel Kan, an economist at the Mortgage Bankers Association noted, “Homebuyers were active the first week of the year. Low-interest rates and a solid jobs market continue to encourage prospective buyers to enter the market.”