Mortgage applications rose 11.3 percent last week as rates fell below 5 percent. According to the weekly survey report of Mortgage Bankers Association, the index showing the quantum of mortgage applications received last week increased to 723.4 from 649.7 the prior week on an adjusted basis. On an unadjusted basis, the index rose 11.6 percent as compared with the previous week and 5.7 percent compared with the same week last year.
Mortgage rates for the last week were 4.96 percent for 30-year fixed-rate mortgages and 4.54 percent for 15-year fixed-rate mortgages. These rates were the second lowest after 4.89 percent recorded for the week ending Jan. 9 this year.