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Reaching a level not seen for more than a decade, mortgage applications soared 55 percent in the month of March.

The Mortgage Bankers Association said that this activity includes a larger demand for mortgage refinances, as well.

The sudden burst in mortgage applications can be attributed to the continuation of falling interest rates, which are also driven by current market uncertainties related to the Coronavirus.

Refinancing applications increased by 79 percent to its highest level since 2009. The same metric taken last year shows that it’s up by almost 500 percent.

Future homebuyers may be encouraged by both rates and improved housing inventory in some areas.

The news has prompted trade groups to update their forecasts, including bigger gains in refinancing originations.

The Mortgage Bankers Association also noted that the seasonally adjusted purchase index is also up by 6 percent.

If you’re thinking about buying your first home or refinancing your current loan, now may provide an opening. If you love the Seattle/Tacoma/Washington areas and neighborhoods, our team can try to help you take advantage of today’s rates and market trends and find a program that meets your goals.