Interest rates declined following turmoil in the banking sector, helping lift demand for mortgages.
The average rate on the popular 30-year fixed mortgage dropped to 6.57% Monday, according to Mortgage News Daily.
Lower mortgage rates are giving homebuilders greater confidence in the single-family housing market.
Mortgage applications to refinance a home loan jumped 6% last week from the previous week.
Borrowers are finally reacting to lower mortgage rates, boosting demand for both refinances and loans to purchase homes.
Mortgage rates continue to ease, but demand is not following, as there are few who can benefit from a refinance, and homebuyers are still facing high prices.
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