Highlights
Low mortgage rates have triggered a surge in mortgage applications in what may be the best news yet for the housing sector. MBA's purchase application index rose 2.4 percent to a very respectable 380.4. The refinance index nearly doubled in the week to 2,300. Mortgage rates were down across the board led by a 24 basis point drop in the average 30-year fixed rate to 5.82 percent. The report, which rarely offers any text, said the drop in mortgage rates reflects a jump in flight-to-safety demand for long-term Treasuries that is tied to last week's rescue of Fannie Mae and Freddie Mac.