Applications to U.S. lenders seeking loans to buy a home grew to their highest level in almost nine years even as mortgage rates increased for a second week, the Mortgage Bankers Association said on Wednesday.
The seasonally-adjusted barometer on purchase mortgage activity, climbed up 0.9% to 280.7 in the week of April 12, marking its strongest reading since 291.3 in the week of April 30, 2010. “The spring buying season continues to be robust, with activity more than 7% higher than a year ago and up year-over-year for the ninth straight week,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.