House Hunters

Mortgage applications jumped last week as rates retreated, sending buyers running to complete deals. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 2.8%. Adjusted purchase applications rose by 3%, while the unadjusted index slipped 0.3% from the week before and was 12% lower YOY. Rates held steady at 7.61% after seeing their largest single-week drop in more than a year the week prior, down 30 bps in three weeks. But while buyers mid-sale benefitted from the cooldown, rates have not dropped enough to entice many off the sidelines. “Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at…