The volume of mortgage applications surged by 27% last week,
the biggest weekly rise in more than four years, according to a survey released Wednesday by the Mortgage Bankers Association.
Rates for 30-year fixed mortgages fell below 4% in recent weeks for their first time since 2017, and were most recently at 3.82%, according to a weekly average maintained by the government mortgage giant Freddie Mac .
Refinances were up 47% from the previous week, according to the Mortgage Bankers Association. Purchase applications were up 10% over the span, and many expect a continued boost in home sales as a result.
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