Mortgage applications experience greatest volume increase in four months
July 20th, 2011 7:13am
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During the week ending July 15, the total volume of mortgage application activity increased by the largest amount in four months, according to the Mortgage Bankers Association. The MBA relayed that its seasonally adjusted index of application activity for home loans, including both refinancings and home purchases, was up 15.5 percent during the most recent week.
"Ongoing turmoil in the financial markets primarily due to the sovereign debt crisis in Europe has brought mortgage rates back to their lowest levels of the year," said Michael Fratantoni, MBA's vice president of research and economics. "Refinance applications have surged in response."
The MBA also revealed that its seasonally adjusted index of refinancing applications jumped 23.1 percent, while the demand for home purchases fell slightly, declining by 0.1 percent.
Refinancings represented 70.1 percent of the association's activity, which is up from 65.6 percent recorded the week prior.
Freddie Mac revealed recently that the interest rate for 30-year fixed-rate mortgages settled at 4.54 percent for the week ending July 14.
Many citizens have begun refinancing their homes to take advantage of this low interest rate. However, in areas with improving job sectors, such as Houston, property sales continue to show significant growth.
Courtesy of 2M Realty News
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