Mortgage applications rose sharply last week to a two-year high, driven by a substantial increase in refinance activity as more homeowners sought to take advantage of declining mortgage rates.
The Mortgage Bankers Association’s (MBA) weekly applications survey, released on Sept. 25, showed an 11 percent overall increase in mortgage applications for the week of Sept. 20 from the previous week, buoyed by a notable 20 percent jump in refinance applications.
