Loan Demand Rises As Mortgage Rates Fall

ArrowAccording to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loan applications was up 4.3 percent last week from the week before. The improvement was due to a 7 percent surge in refinance activity, which has been down in recent weeks. The Purchase Index was up 1 percent from the previous week. The spike in refinance activity was likely due to a decline in interest rates, which was seen across all loan categories, including 30-year fixed rate mortgages with both conforming and jumbo balances, FHA-backed loans, and 15-year fixed rate loans. The refinance share of total mortgage activity climbed to 52 percent, 1 percent higher than the previous week. The MBA’s survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Michael Rosenbaum

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