As per Mortgage news daily ..Applications for mortgages increased
substantially during the week ended January 11 as purchase applications soared
to their highest levels in nearly two years.
The Mortgage Bankers Association's (MBA) Market Composite Index for the first full
working week of the New Year increased 15.2 percent on a seasonally adjusted
basis and 45 percent on an unadjusted basis compared to the holiday shortened week
ended January 4.
The
seasonally adjusted Purchase Index was up 13 percent on a seasonally adjusted
basis from the previous week to the highest level since April 2011. The unadjusted index was 47 percent higher
than the previous week and 5 percent above that of one year earlier. The Refinance Index increased 15
percent from the previous week and the refinance share of mortgage activity
remained unchanged at 82 percent of total applications.
Interest rates for the week were mixed. The average contract rate for 30-year fixed-rate mortgages (FRM) with conforming balances of $417,500 or less remained unchanged at 3.61 percent with points decreasing to 0.38 from 0.41. The effective loan rate decreased from the previous week.
Jumbo 30-year FRM - loans with balances over $417,500 - rose 10 basis points to 3.88 percent with points unchanged at 0.38. The effective rate increased.
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