Mortgage applications to buy a home surge to the highest in 11 years as rates hit a survey low

• Mortgage applications to buy a home spiked 4% last week to an 11-year high, the Mortgage Bankers Association said on Wednesday.
• The jump in demand was likely fueled by falling mortgage rates — the fixed 30-year rate fell to 3.3%, the lowest in the MBA survey's history.
• That led to a 10% spike in refinance applications as existing homeowners sought lower rates.