A “For Sale” sign outside a house in Palm Beach, Florida, on Wednesday, April 7, 2021.
Marco Bello | Bloomberg | Getty Images
A sharp drop in mortgage interest rates sent homeowners and potential homebuyers to their mortgage lenders.
Total mortgage application volume surged 8.6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That is the first overall increase in weekly applications since the end of February.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.20% from 3.27%, with points increasing to 0.36 from 0.33 (including origination fee)…