Weekly mortgage applications rose 5.5% on a seasonally adjusted basis, as homebuyers rushed to lock-in rates, which spiked after the U.S. presidential election, reported CNBC.
Buyers were mostly responsible for the volume increase, with applications for home purchases up 19% on the week. The average rate for a 30-year fixed conforming loan is now 4.16%, its highest level since the beginning of the year. Meanwhile, the average rate for a jumbo loan (over $417K) is 4.04%.
Refinance applications were down 3% for the week, but are still 9% higher than last year.