Thursday, January 14, 2010
Refinancing Boosts Mortgage Applications
Refinancing pushed mortgage applications higher during the week ending January 8, according to the latest weekly survey from the Mortgage Bankers Association.
The home loan application index increased 14.3 percent on a seasonally adjusted basis from one week earlier, and 66 percent on an unadjusted basis, as the previous week included the New Year’s holiday.
The refinance index jumped 21.8 percent on a seasonally adjusted basis from one week earlier, while purchases increased a meager 0.8 percent.
As a result, the refinance share of mortgage activity increased to 71.5 percent of total apps from 68.2 percent a week earlier.
Meanwhile, interest rates saw a bit of improvement after a month-long run up.
The 30-year fixed dipped to 5.13 percent from 5.18 percent, while the 15-year fixed decreased to 4.45 percent from 4.62 percent.
Conversely, the one-year adjustable-rate mortgage skyrocketed to 6.83 percent from 6.42 percent.
The MBA’s weekly survey covers more than half of all retail residential mortgage applications, but does not factor out multiple or declined apps, which have surely risen in the past year or two.
Any questions or concerns don’t hesitate to contact me, Gene Neal your Mortgage Expert.
Tel (631) 687-3510 Ext. 101
eFax Attn Gene Neal
Fax (631) 687-3513
Atlantic Home Capital, Corp.