Mortgage Applications On The Rise

Mortgage applications are moving higher according to Mortgage Bankers Association (MBA).

The Mortgage Bankers Association survey shows mortgage applications increased 5.3 percent.

 “Purchase application volume jumped last week largely due to another sharp increase in applications for government loans. Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.

The refinance index increased 2.7 percent and the purchase index increased to its highest level in months at 10.0 percent.

“Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week” Fantantoni said.

The average rate on a 30-year home loan is down to 4.83 percent from 4.98 percent. The rate on a 15-year mortgage is 4.7 percent, down from a week ago when the rate was 4.17 percent.

Posted in Real Estate News.