The number of applications for homebuyers to get pre-approved for loans jumped to a nine-year high last week, according to Freddie Mac's most recent mortgage survey. That's potentially a sign of a strong spring homebuying season.
At 4.17 percent, the average 30-year mortgage rate remains 30 basis points below what it was a year ago, enticing more homebuyers. But the more recent trend is that these rates have been going up - exactly what you'd expect when there's great demand for them.
That 4.17 percent for the 30-year was up from 4.12 percent the week before, the third straight weekly increase, which we hadn't seen since September. The 15-year fixed-rate mortgage averaged 3.62 percent last week, up two basis points from the week before.
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