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The total mortgage application volume rose by 112% when comparing the week of Thanksgiving to the prior week.  This is pretty amazing considering the fact that Thanksgiving is a short work week.  Many people travel during Thanksgiving week and most are significantly more focused on the four day weekend, shopping, and family events than they are on finances, etc.

This jump in mortgage application volume is the largest rise in volume on record and is a direct result of the recent plunge in mortgage rates due to the Federal government's announcement that they will begin buying mortgage backed securities.

Applications from those looking to purchase a home rose over 38% and applications from those looking to refinance existing mortages rose over 200%.  Therefore the majority of the applications were from those looking to improve their current mortgage rates, however the fact that buying activity is up is certainly good news for the national real estate market!  And let's not forget the mortgage banks...this large increase in potential business will certainly help them as well.