Diana Olick, CNBC Published 9:10 a.m. ET March 13, 2019

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Mortgage interest rates are now decidedly lower than a year ago, and home shoppers are buying in, but most are wealthier consumers purchasing more expensive homes.

Total mortgage application volume rose 2.3 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was essentially flat compared with the same week one year ago.

Falling rates were likely behind a sizable jump in loan applications to purchase a home. They rose 4 percent for