Mortgage Applications Jump 7%

Daily Real Estate News | Wednesday, August 03, 2011

 

 

Mortgage applications were on the move up last week, with loan application volume soaring 7.1 percent last week over the previous week, the Mortgage Bankers Association reports.The refinance index rose 7.8 percent while the purchase index — the gauge for home loan requests — increased 5.1 percent.

“Treasury rates plummeted more than 20 basis points last week as all eyes were focused on the debt ceiling negotiations in Washington, and economic data depicted much slower than anticipated economic growth,” said Michael Fratantoni, MBA’s vice president of research and economics. “Mortgage rates fell, with the rate on 15-year mortgages reaching a new low in our survey. Refinance application volume increased, but even though 30-year mortgage rates are back below 4.5 percent, the refinance index is still almost 30 percent below last year’s level.”

Source: “Mortgage Applications Rise 7.1%,” HousingWire (Aug. 3, 2011)

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