In the last two weeks of 2013, mortgage application volume steadily declined. However, since the beginning of the new year, mortgage application volume has ticked back up. In the Mortgage Bankers Association’s (MBA) weekly application survey for the week ending January 3rd, application volume increased by 2.6% from the prior week. For the week ending January 10th, mortgage application volume increased again – this time by 11.9% over the prior week. Refinance activity showed an 11% increase while purchase activity also saw an increase by 12%.
The average contract interest rates tracked in the survey all saw decreases. Thirty-year fixed-rate mortgages with conforming balances decreased to 4.66% from 4.72%. Thirty-year fixed-rate mortgages with jumbo loan balances decreased to 4.58% from 4.66%. Fifteen-year fixed-rate mortgages declined to 3.72% from 3.77% and 5/1 ARMs dropped to 3.28% from 3.33%. To read more, visit http://bit.ly/1mdiB6T.