Do you know the upside to the selloff in stock market rates? Well, it appears to be lower interest rates for the housing market.
According to the Mortgage Bankers Association (MBA), the total mortgage application volume for the week ending October 3rd rose 3.8% on a seasonally adjusted basis in comparison to the previous week.
"Refinance applications were 5 percent higher than the previous week, and purchase applications were 2 percent higher. On an annual basis, however, refinance applications are down 32 perfect and purchase applications are down nearly 8 percent," noted CNBC.
Michael Fratantoni, chief economist for the MBA, also mentioned that "the purchase index reached its highest level since July."
