Mortgage Applications Could Mean Hot Summer for Housing

After holding in lackluster territory for much of the spring season, weekly mortgage applications took a huge jump, signaling that the usual summer slowdown is perhaps, holding off.

Applications to purchase a home jumped 13 percent week-to-week, according to the Mortgage Bankers Association, while refinance applications surged just over 19 percent (both seasonally adjusted). This as the rate on the 30-year fixed mortgage stayed essentially flat at 3.88 percent, up from 3.87 percent.

“The increase was accentuated due to the comparison to the week including Memorial Day, but the level of refinance and total market activity is the highest since the spring of 2009,” said Michael Fratantoni, MBA’s Vice President of Research and……………. continues on CNBC.com