Mortgage Applications Jump 13 Percent
Mortgage Applications Jump 13 Percent
The Mortgage Bankers Association reported Wednesday that applications for US home loans jumped significantly last week, with large gains in demand for refinancing loans and purchase loans, as interest rates continue to hover near historic lows. The group's index of mortgage application activity, which includes requests for purchase and refinance loans, rose 12.8 percent in the week ended December 2nd, after adjustments were made for seasonal factors.
The MBA's gauge of refinancing demand, also seasonally adjusted, spiked 15.3 percent from the prior week, while requests for purchase loans also rose, by a slightly more modest 8.3 percent. According to Fratantoni, a number of lenders saw demand for refinancing loans nearly double, as interest rates fell to their lowest levels in about two months. Yet with the steep decline in mortgage demand seen two weeks ago, levels are still below where they were three weeks ago, even after the gains made last week.
Demand for refinancing loans last week accounted for about 76 percent of overall loan demand, up from 73.9 percent the week before. The report covers more than three-quarters of all US retail residential mortgage requests, according to the MBA, who releases the report on a weekly basis. Separately, mortgage giant Freddie Mac reported that fixed, 30-year mortgages averaged an interest rate of 4.18 percent last week, down from 4.21 percent the week before.
The Mortgage Bankers Association reported Wednesday that applications for US home loans jumped significantly last week, with large gains in demand for refinancing loans and purchase loans, as interest rates continue to hover near historic lows. The group's index of mortgage application activity, which includes requests for purchase and refinance loans, rose 12.8 percent in the week ended December 2nd, after adjustments were made for seasonal factors.
The MBA's gauge of refinancing demand, also seasonally adjusted, spiked 15.3 percent from the prior week, while requests for purchase loans also rose, by a slightly more modest 8.3 percent. According to Fratantoni, a number of lenders saw demand for refinancing loans nearly double, as interest rates fell to their lowest levels in about two months. Yet with the steep decline in mortgage demand seen two weeks ago, levels are still below where they were three weeks ago, even after the gains made last week.
Demand for refinancing loans last week accounted for about 76 percent of overall loan demand, up from 73.9 percent the week before. The report covers more than three-quarters of all US retail residential mortgage requests, according to the MBA, who releases the report on a weekly basis. Separately, mortgage giant Freddie Mac reported that fixed, 30-year mortgages averaged an interest rate of 4.18 percent last week, down from 4.21 percent the week before.
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