According to the Mortgage Brokers Association, application rate volume jumped to 9.3% last week. The results were seasonally adjusted, including for the Memorial Day holiday.
It’s likely that this increase was due (in large part) to falling rates along with a natural make-up for a drop off seen the couple weeks prior.
Refinancing applications went down as well (7% seasonally adjusted) as more homeowners look to reap the benefits of the current market rates.
Given the high demand for housing, purchase applications should be higher, but a lack of affordable homes for sale is likely keeping volume low.
You can read more about this story at http://www.cnbc.com/2016/06/08/mortgage-applications-jump-as-rates-fall.html