Tag Archive for spike

Refinancing Demand Hits Two-Month High

October 10, 2013 Housing Market Comments Off on Refinancing Demand Hits Two-Month High

According to the Mortgage Bankers Association’s Weekly Applications Survey, the Refinance Index rose 2.5 percent last week, reaching its highest level since early August. The spike in refinancing activity is likely tied to decreases in the average mortgage rate after they hit highs for the year in September. In recent weeks, the average contract interest rate for 30-year fixed-rate mortgages has been falling and did again last week. The resulting increase in the Refinance Index pushed total mortgage application demand up 1.3 percent from one week earlier, despite a 1 percent dip in the Purchase Index. The MBA’s weekly survey covers more than 75 percent of U.S. residential mortgage applications. More here.


Mortgage Demand Increases As Rates Fall

September 26, 2013 Uncategorized Comments Off on Mortgage Demand Increases As Rates Fall

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage loans was up 5.5 percent last week from the week before. The increase included a 7 percent spike in demand for purchase loans and a 5 percent gain in the number of people requesting applications to refinance their home. The Purchase Index was at its highest level since July. The survey also found the average contract interest rate for 30-year fixed-rate mortgages fell again last week for all loan types. But despite the drop in rates, the refinance share of total mortgage activity was unchanged from the previous week at 61 percent. The survey, which the MBA has been conducting weekly since 1990, covers 75 percent of all U.S. retail residential mortgage applications. More here.

Average Mortgage Rate Dips, Refinance Demand Surges

September 19, 2013 Uncategorized Comments Off on Average Mortgage Rate Dips, Refinance Demand Surges

A drop in the average contract interest rate for 30-year fixed-rate mortgages caused an 11.2 percent spike in demand for mortgage applications last week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The increase was due, in part, to an 18 percent surge in the Refinance Index and a 3 percent jump in the seasonally adjusted Purchase Index. The previous week saw a 13.5 percent drop in overall demand for mortgage applications, despite an adjustment for the Labor Day holiday. Last week’s recovery brought demand back to nearly the same level as before the holiday. More here and here.

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