Mortgage applications jump on refinancing demand: MBA

NEW YORK – Applications for home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7.5 percent in the week ended Feb 3.

The MBA’s seasonally adjusted index of refinancing applications climbed 9.4 percent, while the gauge of loan requests for home purchases was nearly flat, edging up just 0.1 percent.

The refinance share of total mortgage activity also increased to 80.5 percent of applications, from 80.0 percent.

Fixed 30-year mortgage rates averaged 4.05 percent, down 4 basis points from 4.09 percent the week before.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

Mortgage applications eased last week: MBA

NEW YORK  ― Applications for home mortgages slipped last week, led by a drop in purchase demand as low interest rates were not enough to entice home buyers, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.6 percent in the week ended Dec 16.

The MBA’s seasonally adjusted index of refinancing applications dipped 1.6 percent, while the gauge of loan requests for home purchases lost 4.9 percent.

“Remarkably low rates are not enough, as many homeowners continue to hold back due to lack of equity in their properties, poor credit and a weak job market,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement.

Fixed 30-year mortgage rates averaged 4.08 percent, down 4 basis points from 4.12 percent the week before. It was the lowest rate this year, the MBA said.

The refinance share of total mortgage activity rose to 80.7 percent of applications from 79.7 percent the previous week.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

Home mortgage applications jumped last week: MBA

NEW YORK ―Applications for home mortgages jumped last week, recouping last week’s steep decline as interest rates continued to fall, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, spiked 12.8 percent in the week Dec 2.

The MBA’s seasonally adjusted index of refinancing applications also jumped, gaining 15.3 percent, while the gauge of loan requests for home purchases rose 8.3 percent.

“Applications increased significantly as mortgage rates dropped to their lowest levels in about two months,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement.

“In particular, refinance applications increased sharply, with some lenders seeing refinance volume double. Despite this surge, aggregate refinance activity is still below levels reported two weeks ago.”

The refinance share of total mortgage activity gained to 76.0 percent of applications from 73.9 percent the week before.

Fixed 30-year mortgage rates averaged 4.18 percent, down 3 basis points from 4.21 percent the week before.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

Mortgage applications jump on refinancing demand: MBA

NEW YORK ― Applications for U.S. home mortgages surged last week, driven by increased refinancing demand as interest rates dropped, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, climbed 10.3 percent in the week ended Nov 4.

“Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year,” Mike Fratantoni, MBA’s vice president of research and economics, said in a statement.

The MBA’s seasonally adjusted index of refinancing applications rose 12.1 percent to its highest level in a month. Fratantoni said some lenders saw even bigger increases. Fixed 30-year mortgage rates dropped 9 basis points to average 4.22 percent.

The refinance share of total mortgage activity rose, after declining for three weeks, to 78.6 percent of applications from 77.1 percent the week before.

The gauge of loan requests for home purchases gained 4.8 percent.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.