Friday, September 30, 2011

MBA: Home loan application volume increases as more borrowers refinance

 
 

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via HomeFinder.com News oleh HomeFinder.com News pada 11/09/30

According the Mortgage Bankers Association's Weekly Mortgage Applications Survey, the volume of home loans submitted during the week ending September 23 increased as more refinancings took place.

The Market Composite Index, which measures the total volume of mortgage applications, grew 9.3 percent on a seasonally adjusted basis. Unadjusted, there was little change, as the volume was up 9.2 percent. The Refinance Index showed an 11.2 percent jump, which indicates the desire of more homeowners to adjust their loans to take advantage of current low interest rates. The Purchase Index was also up during the week, growing 2.6 percent from the previous week and 0.1 percent from the same period the year before.

"Mortgage rates declined last week, at least partially in response to the Fed's announcement that they would shift their portfolio towards longer-term Treasury securities, and that they would resume buying mortgage-backed securities," said Michael Fratantoni, MBA vice president of Research and Economics.

The four-week averages for the Market and Refinance Indices were both improved, while the average for the Purchase Index was down. The Market and Refinance averages climbed 1.96 percent and 2.60 percent, respectively, while the Purchase average fell 0.18 percent. 


 
 

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