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Positive jobs report brings increase in mortgage applications

Mortgage application volume increased 15 percent last week.

Mortgage application volume increased 15 percent last week.


In the mortgage and moving market, last week was one of growth.

According to the latest mortgage applications survey from the Mortgage Bankers Association, application volume increased 15.5 percent on a seasonally adjusted basis last week after falling 6.5 percent the previous week.

"Taking into account typical seasonal patterns, purchase applications rose to their highest level of the year last week," said Michael Fratantoni, vice president of research and economics for MBA. "Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications."

The four-week moving average also increased 2.7 percent on the seasonally adjusted overall market index and it's up 3.6 percent on the refinance index.

Fratantoni attributes the increases to a positive jobs report, which was issued by the Labor Department late last week. For the month of February, employers added 192,000 jobs and the unemployment rate fell to 8.9 percent, the lowest it's been since April 2009. Economists interviewed by CNNMoney expected the unemployment rate to increase to 9.2 percent last month.