Mortgage Applications Surge

After dropping 2.9 percent compared to two weeks ago, U.S. mortgage applications surged 48.1 percent compared to the previous week, the Associated Press (AP) reported March 26, 2008.

The Mortgage Bankers Association compiles the data.

"The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week."

Refinance applications rose 82.2 while purchase volume increased 10.6 percent.

Last week mortgage applications had reached the lowest level of the year, Bloomberg reported March 19, 2008.

Read The AP Article

Read The Bloomberg Article