Mortgage Application Activity Soared Compared to the Previous Week

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.

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