Tags: Mortgage Applications | Refinancings | Interest Rate | Home Loan Demand

Mortgage Applications Rose Last Week: MBA

Wednesday, 22 Oct 2014 07:31 AM

Applications for U.S. home mortgages rose last week as refinancing picked up following a sharp drop in interest rates, 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 11.6 percent in the week ending October 17.

The MBA's seasonally adjusted index of refinancing applications rose 23.3 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 4.8 percent.

“Mortgage rates have fallen close to 30 basis points over the last four weeks," said Mike Fratantoni, MBA’s chief economist, in a release.

"Refinance application volume reached the highest level since November 2013 as a result, and the average loan balance for refinance applications increased to $306,400, the highest level in the survey’s history.”

Fixed 30-year mortgage rates averaged 4.10 percent in the week, the lowest level since May 2013 according to MBA data, and down 10 basis points from 4.20 percent the week before.

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

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Applications for U.S. home mortgages rose last week as refinancing picked up following a sharp drop in interest rates, an industry group said on Wednesday.
Mortgage Applications, Refinancings, Interest Rate, Home Loan Demand
184
2014-31-22
Wednesday, 22 Oct 2014 07:31 AM
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