Mortgage Applications Surge 23%

Record-low mortgage rates sparked a wave in mortgage applications for home purchase and refinancings last week, increasing more than 20 percent in a week, the Mortgage Bankers Association reports.

For the week ending Jan. 13, mortgage applications for refinancing applications jumped 26.4 percent while home purchase applications, a future gauge for home buying, increased 10.3 percent.

“With mortgage rates reaching new lows, refinance volume jumped,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement. “Purchase activity also increased as buyers returned to the market after the holiday season.”

Freddie Mac reported that 30-year fixed-rate mortgage averaged a record low of 3.89 percent for the week ending Jan. 12. For six consecutive weeks, 30-year fixed-rate mortgages — the most popular choice among home buyers — has averaged below 4 percent.

Source: “Mortgage Applications Surge on Refinancing Demand,” Reuters (Jan. 18, 2012)

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Mortgage Applications Soar 4.5%

Mortgage applications for purchase — a gauge of future home buying — increased 8.1 percent last week, the Mortgage Bankers Association reports. The purchase index on an unadjusted basis now stands at 41.9 percent higher than last year, signaling more people taking out loans to buy homes.

More home owners are also taking advantage of low interest rates. Refinance activity last week also increased, inching up 3.3 percent from a week earlier. Overall, mortgage applications were up 4.5 percent last week.

For the fifth consecutive week, 30-year fixed-rate mortgages have averaged at historical lows below 4 percent, Freddie Mac reported last week. For the week ending Jan. 5, 30-year fixed-rate mortgages averaged 3.91 percent, with an average 0.8 point, matching the previous record low set a few weeks ago.

Source: “Mortgage Applications Rise 4.5%,” HousingWire (Jan. 11, 2012)

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Demand for Mortgage Applications Climbs

Mortgage applications for home purchases and refinancing increased last week, as more buyers and home owners rushed to take advantage of ultra-low interest rates.

Mortgage applications for purchase — a gauge for future home buying — jumped 6.4 percent last week, according to the Mortgage Bankers Association.

The increase helped send overall mortgage applications soaring 4.9 percent last week. Refinance activity, which accounted for 77.3 percent of all mortgage applications, increased 4.4 percent from the previous week.

The Mortgage Bankers Association reports that in September investors accounted for 6 percent of mortgage application activity, a 5.7 percent jump from the previous month.

Source: “Mortgage Applications Increase 4.9%,” HousingWire (Oct. 25, 2011)

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Mortgage Applications Drop, Despite Low Rates

Mortgage applications dropped 4 percent last week compared to a week earlier, despite interest rates hitting new lows for the year.

The refinance index, which tends to make up the biggest bulk of mortgage applications, fell 5.7 percent for the week ending May 27. The purchase index remained mostly flat.

“Interest rates fell last week as incoming economic data was weaker than anticipated,” says Mike Fratantoni, vice president of research and economics for the Mortgage Bankers Association. “Despite this drop in rates, the number of refinance applications fell. In fact, the last time mortgage rates were this low, refinance volume was more than twenty percent higher. It is likely that many borrowers still cannot qualify to refinance given the lack of equity in their homes.”

Source: “Mortgage Applications Drop 4% on Weaker Economic Data,” HousingWire (June 1, 2011)

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Mortgage Applications Surge Amid Falling Rates

More people are applying for mortgages: Applications for home mortgages had their largest increase in three months due to falling record-low interest rates, the Mortgage Bankers Association reports.

MBA’s seasonally adjusted index of mortgage application activity increased 13 percent for the week ended June 10. That marks the index’s biggest gain since March. The index measures applications for refinancing and purchase demand.

Most of the spike was from refinancing applications, which increased 16.5 percent from last week. However, requests for mortgage applications for home purchases also rose 4.5 percent.

“Mortgage rates have declined for 8 of the past 9 weeks,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement. “Coming off of the Memorial Day holiday, refinance application volume increased significantly, as borrowers jumped to lock in the lowest mortgage rates since last November.”

Source: “Mortgage Applications See Biggest Gain in 3 Months: MBA,” Reuters News (June 14, 2011)

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Mortgage Applications Decline

Applications to purchase homes declined 8.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

The unadjusted purchase index declined 8.3 percent compared with the previous week and was down 37.1 percent compared to the same week a year ago.

“Last week saw a big jump in applications for FHA loans to purchase homes. We surmised that this was due to potential buyers wanting to beat the stricter FHA standards that went into effect October 4. This conjecture was confirmed by the fact that this week FHA applications fell back to a level closer to the average seen over the past four months, ” said Michael Fratantoni, MBA’s vice president of research and economics.

The 30- and 15-year mortgage rates declined to the lowest ever recorded by the survey, the bankers said:

· 30-year fixed-rate mortgages decreased to 4.21 percent from 4.25 percent.
· 15-year fixed-rate mortgages decreased to 3.62 percent from 3.73 percent.
· 1-year ARMs decreased to 7.03 percent from 7.11 percent.

Source: Mortgage Bankers Association (10/13/2010)

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Applications to Purchase Homes Rose Last Week

Mortgage applications to purchase homes rose 2.4 percent last week, compared to the previous week, on a seasonally adjusted basis, according to the weekly report from the Mortgage Bankers Association.

The increase was driven by a 4.5 percent rise in applications for government-guaranteed mortgages, including FHA and VA loans. Conventional purchase applications increased 0.8 percent.

On an unadjusted basis, purchase applications rose 1.5 percent compared to the previous week and were down 32.4 percent compared to the same week a year ago.

Mortgage rates declined:

· 30-year fixed-rate mortgages decreased to 4.38 percent from 4.44 percent;
· 15-year fixed-rate mortgages decreased to 3.77 percent from 3.88 percent;
· 1-year ARMs increased to 7.04 percent from 6.96 percent.

Source: Mortgage Bankers Association (09/29/2010)

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Mortgage Applications Slip Slightly

Applications to purchase a home rose last week on a seasonally adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the purchase index decreased 0.4 percent compared to the previous week and was 37 percent lower than it was the same week a year ago.

“Despite the slight increase in purchase activity in the past week, the continued low level of purchase applications indicates we are unlikely to see an increase in new home sales reported for August or existing home sales reported for September,” says Michael Fratantoni, MBA’s vice president of research and economics.

Refinance applications increased 2.8 percent last week compared to the previous week and are at their highest level since May 1, 2009.

Here’s a look at performances of mortgage rates:

• 30-year fixed-rate mortgages decreased to 4.43 percent from 4.55 percent.
• 15-year fixed-rate mortgages decreased to 3.88 percent from 3.91 percent.
• 1-year ARMs increased to 6.95 percent from 6.84 percent.

Source: Mortgage Bankers Association (09/01/2010)

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Mortgage Applications Jump

Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades.

The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted for seasonal factors.

Refinancing is at its highest level since May 2009 and makes up 82.4 percent of all new loan activity, its highest share since January 2009.

However, low mortgage rates have done little to boost home sales, which have been hurt by high unemployment, slow job growth, and strict credit standards. Purchase activity is 41.5 percent below its level at the end of April, when two federal tax credits for home buyers expired.

Rates have fallen since spring as investors sought the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.

Interest rates declined for the week:

• 30-year fixed loan fell to 4.55 percent from 4.6 percent.

• 15-year fixed-rate loan fell to 3.91 percent from 3.99 percent.

• 1-year ARMs decreased to 6.84 percent from 6.90 percent.

The Mortgage Bankers Association’s survey covers more than 50 percent of all applications nationwide.

Source: Associated Press, J.W. Elphinstone (8/25/2010)

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Mortgages for Home Purchases Rise 2%

The number of mortgage applications to purchase homes rose 2 percent last week compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index rose 2.4 percent, but remained 34.3 percent lower than it was a year ago. The overall mortgage volume, including refinancings, declined 4.4 percent from the prior week.

This was the highest weekly number of purchase applications since the end of June, and the second week the number of applications has risen, even though mortgage rates increased slightly:

* 30-year fixed-rate mortgages increased to 4.69 percent from 4.59 percent.
* 15-year fixed-rate mortgages increased to 4.12 percent 4.05 percent.
* 1-year ARMs decreased to 7.15 percent from 7.17 percent.

Source: Mortgage Bankers Association (07/28/2010)

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