Purchase Applications Increase to Highest Level since August

The Mortgage Bankers Association (MBA) reported yesterday that mortgage applications increased for the week ending December 2nd by 12.8% over the prior week. Furthermore, the Refinance Index increased by 15.3% while, on a seasonally adjusted basis, the Purchase Index increased 8.3%. Michael Fratantoni, VP of research and economics for the MBA stated, “Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months. In particular, refinance applications increased sharply, with some lenders seeing refinance volume double. Despite this surge, aggregate refinance activity is still below levels reported two weeks ago. Some lenders indicated they are beginning to see an increase in HARP loans, but that increase is still a small portion of the move this week.” http://bit.ly/uJAqds

Share this article: