Mortgage application volume rises again on refinance activity (Scotsman Guide)

source: Scotmans Guide

Wed Jan 21, 2015 07:25 PST

Refinances drove mortgage applications up for the second week as mortgage rates remained low, and overall application volume was at the highest level since June 2013 last week, according to the weekly Mortgage Bankers Association (MBA) applications survey released today.

The overall MBA application index rose 14.2 percent last week — it grew 49 percent the previous week — and was up 17 percent on a seasonally unadjusted basis.

The refinance index by itself jumped 22 percent last week, and refinances were up to 74 percent of all activity. The purchase index, however, decreased 3 percent.

“This increase was largely due to mortgage rates dropping to their lowest level since May 2013,” MBA Chief Economist Mike Fratantoni commented. “However, the recent reduction in FHA mortgage insurance premiums also played a role: FHA refinance applications increased 57 percent last week.”

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