Low rates drive mortgage applications up 48%

According to the USAToday, Mortgage applications surged to the highest level in more than five years in the latest week, as potential borrowers came out to refinance at interest rates near record lows.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Dec. 19 soared 48% to the highest reading since the week ended July 18, 2003.

For the full article, go to http://www.usatoday.com/money/economy/housing/2008-12-24-mortgage-applications_N.htm?loc=interstitialskip