Loan requests for home purchases — viewed as a leading indicator of future home sales — surged 6.7 percent last week, the Mortgage Bankers Association reports. Applications for refinancing also rose, jumping 8 percent.
MBA’s index of mortgage application demand had declines six of the past nine weeks as mortgage rates have inched higher. Last week, mortgage rates dropped for the first time in three weeks, helping to lift loan demand, the MBA reports.
MBA’s overall index of mortgage application activity, which reflects applications for home purchases and refinancing, increased 7.7 percent for the week ending March 22.
The MBA reports that the 30-year fixed-rate mortgage averaged 3.79 percent during the week, down from 3.82 percent the week prior.
Source: “Mortgage applications rebounded last week as rates fell: MBA,” Reuters (March 27, 2013)