Mortgage Rates Drop Sharp This Week

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More borrowers are taking advantage of record low interest rates. Mortgage applications increased 10.3 percent last week over a week earlier, the Mortgage Bankers Association reported.

The purchase index, a gauge of future home buying, increased 4.8 percent while refinancing activity jumped 12.1 percent from the previous week to its highest level in a month, MBA reported.

"Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year," Mike Fratantoni, MBA's vice president of research and economics, said in a statement.

Source: “Mortgage Applications Jump 10.3% as Interest Rates Decline,” HousingWire (Nov. 9, 2011)