Prospective home buyers arrive to tour a house for sale in Dunlap, Illinois, U.S., on Sunday, Aug. 19, 2018.
Daniel Acker | Bloomberg | Getty Images
After pulling back for several weeks, homebuyers stepped back into the mortgage market last week.
Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 8% higher compared with the same week one year ago.
Purchase applications drove the gains, rising 4% for the week and 5% annually. May is one of the strongest months for home sales historically, especially for larger families looking to move up. This is because they want to move…