After several weeks of drops in interest rates, mortgage applications finally got a modest lift as refinancers and home buyers took advantage of them.apr1

The Mortgage Bankers Association’s weekly mortgage market index showed that total mortgage application volume rose 2.8 percent during the week ending Aug. 22 compared to a week earlier.

Broken out, applications for refinancing’s increased 3 percent last week but remain 25 percent below a year ago — even when mortgage rates were higher, MBA reports. Home-purchase mortgage applications also rose 3 percent during the week and remain 11 percent below its rate last year at this time.

While mortgage rates have teetered within a tight range, even a slight drop in interest rates was enough to boost mortgage applications

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