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The mortgage market had a good week. On the backs of yet another rate drop, refinancing activity surged once again. And purchase loans? They hit their highest point in more than a decade.

According to the latest data from mortgage Bankers Association, mortgage rates dropped to an average 3.87% this week—their lowest point since September.

Thanks to the dip, refinance applications jumped 43% in just the last week and a whopping 109% over this time last year. All in all, refinancing accounted for almost 63% of total mortgage activity.

Purchase loan activity also increased, rising 16% over the week and 8% over the year. The market notched the highest levels of purchase loan applications since October 2009.

As Joel Kan, associate vice president of economic and industry forecasting at MBA, puts it, “The mortgage market saw a strong start to 2020.”

Click on the link below to read the complete article online @ Forbes.com