Mortgage and home refinancing applications begin to climb

Total mortgage applications are up 9.4% year-over-year.

Transcript

00:00Some welcome news for the housing market. A brief drop in mortgage rates caused buyers to come off the sidelines.

00:07Total mortgage application volume jumped 9.4% last week compared with the previous week, according to the Mortgage Bankers Association,

00:15which included an adjustment for the 4th of July holiday.

00:18The average 30-year fixed rate slipped to 6.77%, the lowest in three months, and homeowners reacted.

00:26Re-finance applications jumped 9% and are now 56% higher than this time last year.

00:32But it wasn't just refinancers. Purchase applications were also up 9% on the week and 25% higher than a year ago.

00:41Experts point to more homes hitting the market and moderating price growth.

00:45The average loan size for a new purchase, just over $432,000, the lowest since January.

00:52That'll do it for your daily briefing from the New York Stock Exchange.

00:55I'm Caroline Woods with The Street.