Mortgage applications up 3% on lowest rates in three years

Another drop in mortgage interest rates, to their lowest level in three years, sent borrowers back to the bank to refinance home loans. Total mortgage application volume increased 2.9 percent last week on a seasonally adjusted basis from the previous week. Applications are now nearly 35 percent higher than one year ago, when rates were considerably higher, according to the Mortgage Bankers Association. Applications to refinance home loans drove the volume, rising 7 percent from the previous week, seasonally adjusted. Applications to purchase a home, which are less sensitive to rates on a weekly basis, fell 2 percent for the week but are 12 percent higher than a year ago.

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