From Realtor Magazine Online, Daily Real Estate News January 24, 2008
Mortgage applicants continued their trend upward in response to falling rates, according to the Mortgage Bankers Association’s weekly Mortgage Applications Survey.
The index was at 981.5, an increase of 8.3 percent on a seasonally adjusted basis from 906.4 a week ago. On an unadjusted basis, the index rose 11 percent compared with the previous week and was up 63.7 percent from the same week last year.
“Refinance applications are up 92 percent since the beginning of November and purchase applications are up 7 percent," said Jay Brinkmann, vice president of research and economics for the association, in a statement. "With tighter credit conditions we do not know how many of these applications will become loans, but it is clear that borrowers are responding to the 40-80 basis point drop in rates we have seen since Nov. 2 across products."
The refinance share of mortgage activity increased to 66 percent.
Rates were down:
- 30-year fixed-rate mortgages decreased to 5.49 percent from 5.62 percent.
- 15-year fixed-rate mortgages decreased to 4.96 percent from 5.07 percent.
- 1-year ARMs decreased to 5.51 percent from 5.77 percent.
Source: Mortgage Bankers Association (01/23/08)
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