Mortgage rates drop, refinancing applications jump
Applications for home mortgages rose last week nationwide as rates for fixed mortgages fell below 5 percent, the Mortgage Bankers Association said today. The group’s index of mortgage application activity increased 45.7 percent last week to its highest level since January 16. The increase was mostly due to mortgage refinancing; the organization’s index of refinancings rose 64.3 percent. Loan requests for home purchases rose 9.1 percent, the group said.