Another sign of a solid spring selling season: Purchase only mortgage applications surged last week, rising 9% from week-earlier levels and 24% from the comparable week last year, according to the Mortgage Bankers Association.

It took a few weeks, but near record low mortgage rates may be pushing more home buyers into this spring's housing market.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.82%from 3.86% with points increasing to 0.33 from 0.32 (including the origination fee) for 80% loan-to-value ratio loans. This is the lowest since January 2015, according to the MBA.

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