Mortgage demand spikes to 11-year-high as rates are historically low

Photo by Precondo CA on Unsplash

CNBC | Diana Olick

Buyers are rushing back into the housing market, enticed by record low mortgage rates and a pandemic-induced need to nest like never before.

Mortgage applications to purchase a home rose 4% last week from the previous week and were a remarkable 21% higher than one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. That was the ninth consecutive week of gains and the highest volume in more than 11 years.

Read the story here: Homebuyer mortgage demand spikes to 11-year high, as rates hit another record low