Mortgage applications record spike in activity

The Mortgage Bakers Association's most recent Weekly Mortgage Applications Survey indicated that mortgage activity increased during the week ending January 6.

The Mortgage Bakers Association's most recent Weekly Mortgage Applications Survey indicated that mortgage activity increased during the week ending January 6.

According the industry group, based on previous mortgage records, application activity increased by 4.5 percent during the first week of the new year.

Meanwhile, refinancing activity also grew by 3.3 percent from the previous week, making up 80.8 percent of all mortgage applications. However, the share is slightly lower than prior week, when refis made up 81.9 percent of applications.

Additionally, the report showed that the Purchase Index rose by 8.1 percent, while the unadjusted index is now 41.9 percent above the level recorded at the beginning of 2011.

The MBA also reported that mortgage rates also recorded some changes during the week. While interest rates are still well below 5 percent, the average rate for a 30-year fixed-rate mortgage did edge higher to 4.11 percent. In addition, the rate for a 15-year FRM also increased to 3.4 percent from 3.37 percent the previous week.



blog comments powered by Disqus