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July 31, 2014

Mortgage Applications Bounce Back Post-Sandy

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Mortgage Applications Bounce Back Post-Sandy

Mortgage applications soared 12.6 percent last week, posting a strong rebound as interest rates sank to new lows and the East Coast picked up after megastorm Sandy, the Mortgage Bankers Association reports. 

Loan demand for home purchases—viewed as a future gauge for the housing market—soared 11 percent for the week ending Nov. 9. Applications for refinancings rose 13.1 percent last week. 

MBA reported that the 30-year fixed-rate mortgage averaged a new low of 3.52 percent, down from 3.61 percent the previous week.  

The increase in loan demand last week was also attributed to a spike in activity on the East Coast following Sandy. In New Jersey alone, mortgage applications more than doubled during the week. In Connecticut and New York, mortgage applications increased more than 60 percent. 

Source: “U.S. Mortgage Applications Rise on Sandy Rebound, Record Low Rates,” Reuters (Nov. 14, 2012)

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