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Lower Interest Rates Fuel Mortgage Application Surge
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LOS ANGELES -- The tally is in for mortgage origination
application volume for the week ending April 22. With refinancing in the leader
spot, mortgage application volume took an upward bound by 5.9 percent on a
seasonally adjusted comparison scale to the previous week's findings.
According to data obtained through research and then compiled
in one report The Mortgage Bankers Association (MBA), the increase in volume can
be attributed to lower interest rates which have softened the marketplace in the
past few weeks.
Regarding purchase money loan application, there was an
increase by a lesser 3.3 percent when calculated on a week-to-week basis. Using
the same week-to-week calculation scale puts
refinancing mortgage application
volume up by a whopping 9.8 percent.
Before the bells, whistles and fireworks go off look at thee
big picture by way of comparison to last April 2004. At this same time one year
prior refinancing activity was 14.6 percent greater, according The MBA.
On the grander scale, refinance 1003 forms (applications) made
up 39.3 percent of all
mortgage applications, up from prior week's 38 percent. The recently popular
adjustable-rate mortgage slipped to 34.7 percent for the week ending. This
figure down a bit from 35.4. The MBA reported that contract interest rates on
30-year fixed
and 15-year fixed-rate mortgages
wound up at 5.75 percent and 5.33 percent, respectively. These numbers were a
notch or two down as compared to prior week's 5.83 percent and 5.40 percent,
respectively. One-year ARM
rates realized an average 4.15 percent, down from 4.22 percent one week
earlier.
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