More Homebuyers Take Advantage of Falling Rates

That's the analysis from CNBC.

The upside to the selloff in stock markets is lower interest rates for the housing market. A drop in rates last week boosted mortgage applications for both refinances and home purchases, and interest rates continues to slide.
Total mortgage application volume for the week ending October 3^rd rose 3.8 percent on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association (MBA). Refinance applications were 5 percent higher than the previous week, and purchase applications were 2 percent higher. On an annual basis, however, refinance applications are down 32 percent and purchase applications are down nearly 8 percent.