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Mortgage Applications Up Last Week-MBA
NEW YORK (Reuters) - Applications for U.S. home mortgages increased last week as U.S. consumers came out in droves to refinance their existing loans, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity increased 7.3 percent to 706.4 in the week ended Jan. 28, after decreasing 3.6 percent in the MBA's prior week survey. The MBA's seasonally adjusted index of refinancing applications surged 16.6 percent to 2,253.9, more than erasing the 5.7 percent drop the prior week. Refinancings made up 48.7 percent of all mortgage applications last week, up from 46.5 percent the previous week. That sharp increase in refinancing came even as mortgage rates rose slightly. Fixed 30-year mortgage rates averaged 5.61 percent last week, excluding fees, up 3 basis points from 5.58 percent the previous week. Mortgage rates, however, are still at the lowest level in several months. That, however, was not enough to spur interest in home purchasing. The MBA's purchase index, a gauge of loan requests for home purchases, edged up 0.3 percent to 440.3, marginally offsetting the 2.0 percent loss the previous week. Lower rates on adjustable-rate mortgages may have been behind the increase in refinancing applications last week. One-year adjustable-rate mortgage rates averaged 4.08 percent, down from 4.21 percent one week earlier. Applications for adjustable-rate mortgages rose to 32.5 percent from 31.7 percent of total applications. Source: reuters.comFor more information about fixed rate mortgage: insurance news and links
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