US housing market gains momentum as loan applications jump amid first drop in mortgage rates in 5 weeks

Source: Yahoo! Finance — 

• The housing market is gaining steam as rates drop and mortgage applications surge.
• The 30-year mortgage rate fell for the first time in five weeks, and applications jumped 7% last week.
• But volatility in the market could still hinder housing activity, MBA’s deputy chief economist said.

Housing market activity has picked up over the last week, evidenced by a jump in home loan applications following a drop in mortgage rates.