A drop in mortgage rates in the US has sparked a surge in loan demand with both homeowners and potential buyers jumping back into the market. According to the Mortgage Bankers Association, total mortgage applications rose 20.4 percent last week marking the first increase in three weeks and the biggest jump in months.

US home loans surge 20% on lower rates

Housing rates in U.S. has posted $2.3 trillion drop, which is the biggest since 2008. According to the reports, home buyers who are already facing record high prices in the U.S. They took an additional hit from mortgage rates that doubled more than last year after peaking at $47.7 trillion in June.

U.S. Housing market drop biggest since 2008, mortgage rates soar | World Business Watch

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