Total mortgage application volume surged nearly 16% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
Applications to refinance a home loan, which are most sensitive to daily moves in interest rates, jumped 28% last week compared with the previous week and was also 28% higher than the same week one year ago. Applications for a mortgage to purchase a home rose 9% for the week but were still 12% lower than the same week one year ago. Homebuyers are not only contending with high interest rates but also high home prices. Inventory has also been lean."Multiple data sources are now indicating that home inventory levels, while still historically low, are up significantly from last year at this time.