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Refinance Applications Rise Highest Since January

Mortgage applications went up 0.2 percent last week as refinance volume rallied at levels not seen for the past several years.


The ""Mortgage Bankers Association"":http://www.mbaa.org/default.htm (MBA) found the refinance share of mortgage activity ticking up to 81 percent of total application volume, the highest since January this year, while the Refinance Index climbed 0.8 percent to its highest level since April 2009.

The increase in refinance activity also saw a 6 percent decline in government refinance applications. The MBA's Market Composite Index also recorded a 0.2 percent increase on an unadjusted basis.

Purchase activity by and large entered a series of declines, with the seasonally adjusted Purchase Index falling by about 2 percent from the week before.

The adjustable-rate mortgage share of activity declined to 4.1 percent of total volume.

Interest rates ticked up across the board for mortgage loans. The average contract interest rate for a 30-year home loan backed by the Federal Housing Administration stayed the same at 3.52 percent, still a record low for the loan.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

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