The Mortgage Bankers Association (MBA) measured a 19% volume increase from the previous week and up 30% from the same week a year ago. This is also true for Purchase applications but not quite as dramatic.  

The buyers and sellers are coming out of the woodwork and testing the waters. When refinances are up, it’s a strong indication the Home Owners have noticed the rate drop.

The flood gates are going to open so be financially prepared and get pre-approved for a mortgage.