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Mortgage Activity at 10-Month High

Home-loan volume, buoyed by the lowest interest rates seen since January of this year, surged 4.3 percent last week. The Mortgage Bankers Association reported a 6.5-percent jump in refinancing demand, which reached its highest level in more than 12 months.

Meanwhile, purchase-loan applications, which two weeks ago were at a three-year low, rebounded 2.7 percent for their best performance in four months.

What does this mean in the coming months and year? One thought is that buyers are now ready to capitalize on lower housing prices which in the long run will decrease the supply of homes and increase pricing.

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