Daily Real Estate News | April 20, 2011 |
Mortgage Applications Bounce Back, Up 5.3%
The number of mortgage applications are back on the rise again after a monthlong decline in filings, according to the Mortgage Bankers Association.
Mortgage applications increased 5.3 percent the past week, with most of the increase attributed to a surge in applications for government loans. Government loan applications increased 17.6 percent.
“Purchase application volume jumped last week largely due to another sharp increase in applications for government loans,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums.”
The seasonally adjusted purchase index rose by 10 percent, while applications for refinancing increased 2.7 percent from the previous week, MBA reports.
“Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week,” Fratantoni said.
Source: “Mortgage Applications Rose 5.3% After Month-Long Decline,” HousingWire (April 20, 2011)
