The Mortgage Bankers Association reported yesterday that overall mortgage applications jumped almost 50% last week as interest rates continue to fall. Most of the increase was attributed to homeowners re-financing (about an 82% surge) into fixed rate loans, but new purchase applications also were up about 10%.

The Fed’s been easing up on monetary policy and bringing more liquidity into the market, allowing Fannie Mae and Freddie Mac (a part of the secondary market) to buy more loans from lenders, getting the money flowing again.