Mortgage Applications Up 13 Percent

Published by: Frank Galvano on 15th Jun 2011 | View all blogs by Frank Galvano
Mortgage Applications Up 13 Percent

The Mortgage Bankers Association released its weekly report on mortgage application activity Wednesday, showing the biggest increase in loan requests in three months last week thanks to a spike in refinancing demand spurred by lower interest rates.  The group's seasonally adjusted index of mortgage applications, consisting of both refinance requests and purchase activity, climbed 13 percent during the week ended June 10th.  It was the largest increase in the index since March.

The MBA's index of refinancing loan applications provided the bulk of the increase in the overall measure, climbing 16.5 percent for the week, while the purchase index rose 4.5 percent.  The MBA's vice president of research and economics, Michael Fratantoni, noted that mortgage rates have now fallen in eight of the past nine weeks, and refinance has risen steadily since the Memorial Day holiday as homeonwers have looked to lock in at the lowest interest rates since last November.

Mortgage giant Freddie Mac, meanwhile, reported the average rate last week for a fixed-rate, 30-year mortgage was 4.51 percent, down from the prior week's 4.54 percent average.  Refinancing loans continue to dominate the mortgage market, accounting for a staggering 70 percent of all loan requests during the week, up from a 67.3 percent share the week before.

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