Per an article on MSN Real Estate today,
The number of mortgage applications rose last week by 22.5%, according to the Mortgage Bankers Association.
The association's index showed a level of 791.8, which is the highest level since July 2005. The Refinancing Index rose 31.9%, and the group's seasonally adjusted Purchase Index rose 15.2%.
The average interest rate on a 30-year fixed-rate mortgage fell to 5.82% -- the lowest rate in two years and the biggest weekly drop since 2003 -- from 6.09% the week before. The average interest rate on one-year adjustable-rate mortgages rose to 6.28% from 6.24%.
Remember interest rates are expected to drop again in the upcoming weeks. This is the time to buy.
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