Mortgage Application Volume Picks Up After a Six Week Decline

After six consecutive weeks of declines in mortgage application volume, the Mortgage Bankers Association (MBA) reported today that their weekly survey showed a 4.8% increase in mortgage application activity. Michael Fratontoni, the MBA’s Vice President of Research and Economics, attributes the increase in application volume to borrowers who were motivated to apply for a mortgage before the Federal Housing Administration increased mortgage insurance premiums at the beginning of April. Fratontoni further pointed out that application volume last week was up 2% over the same time last year and that “Home purchase applications for conventional loans are now about 10 percent above last year’s level.”

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