Mortgage applications jump 4.2% on strong buyer demand

CNBC
CNBC

By Diana Olick | CNBC

Homebuyers jumped back into the market after Labor Day, filing applications for mortgages at a far faster pace than in previous weeks.

Total mortgage application volume rose 4.2 percent on a seasonally adjusted basis last week, according to the Mortgage Bankers Association. The results were adjusted to account for the Labor Day holiday.

Unlike during much of the summer, application volume last week was fueled more by buyers than refinancers. Mortgage applications to purchase a home jumped 9 percent from the previous week. Purchase volume is down nearly 19 percent in the past four weeks, but August is not usually a strong month for homebuying. The jump last week may signal a stronger fall market ahead. Purchase volume is still just 8 percent higher than the same week a year ago, down from double digit annual increases early this year.

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