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July 26, 2014

Mortgage Demand Rebounds After Holidays

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Mortgage Demand Rebounds After Holidays

Following three consecutive weeks of declines, applications for home mortgages rose last week, even though interest rates increased, the Mortgage Bankers Association reports. 

MBA’s mortgage application index, which includes applications for purchases and refinancings, rose 11.7 percent in the week ending Jan. 4. 

Applications for refinancings, which make up the biggest bulk of the index, jumped by the highest amount — 12.1 percent. 

Loan applications for home purchases, viewed as a leading indicator of home sales, rose 9.6 percent. 

Meanwhile, 30-year fixed-rate mortgages ticked up to their highest level since early November. Thirty-year rates increased 9 basis points last week, averaging 3.61 percent compared to 3.52 percent the prior week, according to MBA averages. 

Source: “U.S. Mortgage Applications Rebound in Latest Week,” Reuters (Jan. 9, 2013)

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