The Mortgage Bankers Associations’ (MBA) weekly mortgage application survey ending January 9th showed mortgage application volume activity soared from the previous week. Increasing by 49.1%, the MBA stated that surge in applications was the “largest weekly gain since November 2008.” The Refinance Index rose by 66%, and the Purchase Index rose 24% on a seasonally adjusted basis. The increases in the both indexes had not been seen since 2013.
Average mortgage interest rates accounted for in the survey all saw decreases. The 30-year fixed-rate for mortgages with a conforming loan balance declined from 4.01% the previous week to 3.89%. The 15-year fixed rate mortgage interest rate dipped to 3.16% compared to 3.81% last week. Dropping from 3.19% last week, the average interest rate for 5/1 ARMs in this week’s survey was 2.94%. Read the full survey results at http://bit.ly/153ckpJ.