Good News: Mortgage applications were up 2.8% last week
According to the Mortgage Bankers Association weekly index mortgage applications were up 2.8 percent last week. This is good news. It shows that there are buyers looking to buy.
Their weekly index rose from 514.4 to 528.9 the previous week on a seasonally adjusted basis.
On an unadjusted basis, the index increased 2.9% from the previous week and was up 6.6%compared with the same week a year ago.
The purchase index was up 1.3% while the refinance index rose 4%, accounting for 55.5% of total applications.
Mortgage rates also jumped last week:
- 30-year fixed-rate mortgages increased to 5.31% from 5.05%;
- 15-year fixed-rate mortgages increased to 4.80% from 4.59%;
- 1-year ARMs increased to 6.50% from 6.47%.
However this is lower compared to the double-digits of the 1980s.
To read more about it you can read the Mortgage Bankers Association’s Weekly Application Survey here:
http://www.mbaa.org/NewsandMedia/PressCenter/69699.htm
