Mortgage rates in the U.S. fell below 5% to an average of 4.95% for a 30-year mortgage, propping demand for home loans. This is in part due to the lowest number of purchase applications in nearly 13 years in the prior week and according to data by Mortgage Bankers Association.
As a result, purchase applications increased 9 percent while refinancing requests jumped 17.2 percent last week.
