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.