There’s good news for prospective home buyers and current home owners. Mortgage rates have ticked down in recent weeks. Unsurprisingly, the downtrend has caused the number of mortgage applications to surge, while benefitting current home owners.

According to a Sept. 10 Mortgage Bankers Association (MBA) press release, loan applications increased 9.2 percent on a seasonally adjusted basis last week from the week prior. Applications for refinancing were up 12%, too, from the previous week, and were a whopping 34% higher than the same week one year ago.

Joel Kan, MBA’s Vice President and Deputy Chief Economist, explained in the release that the dropping interest rates are a sign of a weakened labor market, noting that the 30-year fix rate dropped to 6.49 percent — the lowest since last Octo

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