Mortgage Applications Take Surprising Turn

Loan demand was on the rise last week, posting a strong rebound that was driven mostly by applications to purchase a home, the Mortgage Bankers Association reports in its seasonally adjusted weekly mortgage market survey, reflecting the week ending Nov. 14. The increase in demand came despite interest rates mostly staying flat for the week.

Total application volume, reflecting applications for home purchases and refinances, climbed nearly 5 percent. Refinance applications rose 1 percent week-to-week, while applications for home purchases, viewed as a gauge of future buying activity, surged 12 percent. It was the highest level for purchase applications since July, the MBA reports.

“The MBA and other data are showing strength in the market for new homes, likely reflecting the boost from continued job growth in recent months,” says Michael Fratantoni, the MBA’s chief economist.

Meanwhile, the 30-year fixed-rate mortgage declined slightly last week to 4.18 percent from 4.19 percent the week prior, the MBA reports.

Source: “Weekly Mortgage Applications Jump Unexpectedly,” CNBC (Nov. 19, 2014)

Low Rates Send Mortgage Applications Soaring 12.8%

Mortgage applications, a future gauge of home buying, had a sharp jump as more consumers rushed to take advantage of low interest rates, the Mortgage Bankers Association reports. 

For the week ending Dec. 2, mortgage applications increased 12.8 percent. Applications for home purchase jumped 8.3 percent from a week earlier while applications for refinancing soared 15.3 percent.

Of the home purchase applications, 85.5% were for fixed-rate 30-year loans.

Source: “Mortgage Applications Jump 12.8% as Refinancing Volume Soars,” HousingWire (Dec. 7, 2011)

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