Mortgage Applications Are Up 40% From a Year Ago

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The Mortgage Bankers Association's index revealed that mortgage applications are 40 percent higher than a year ago.

The Mortgage Bankers Association's index revealed that mortgage applications are 40 percent higher than a year ago, according to CNBC.

Typically, the end of August is the beginning of the slow season for the housing market. However, this year has flipped every norm on its head and it didn't leave the housing market out to dry. The seasonally adjusted index also revealed that mortgage applications rose 3 percent from last week. With rates extremely low, buyers have flocked to the housing market.

“There continues to be resiliency in the purchase market,” said Joel Kan, an MBA economist. “The average loan size continued to increase, hitting a survey high at $368,600. Highlighting the strong overall demand for buying a home, conventional, VA and FHA purchase applications all increased last week.”

Refinancing applications rose 3 percent in the week and were 60 percent higher compared to last year.

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