Mortgage applications surged last
week
Source:
Informa Research Services
(02/25/2011)The
total amount of consumers who applied for new home loans or attempted to
refinance their existing one surged a seasonally adjusted 13.2% in the week
ending February 18, according to the latest statistics from the Mortgage Bankers
Association (MBA). This surge was largely driven by an increase in refinances,
which jumped 17.8% in the last week. Meanwhile, home loan applications for new
purchases rose 5.1%.
More
consumers may consider a refinance after sharp declines in interest rates are
observed nationwide. By checking the latest
online rate tables,
homeowners will be able to find the best local rates available to them, and
potentially save hundreds of dollars a month on their mortgage payments.
On an unadjusted basis, new
purchases climbed 9.6%, pushing the total activity 14.8% higher than in the past
week, the report said. The increases brought refinances' share of the mortgage
market to 65.7%, up from the 64% observed the week prior.
The
seasonally adjusted four-week moving average for the home loan market rose 1.9%
as a result of these jumps, and refinances were up 1.8%. New purchases rose
1.6%.
