Kenneth Bargers Blog

Mortgage Applications Surge 23%

Article by: “Mortgage Applications Surge on Refinancing Demand,” Reuters (011812); Daily Real Estate News (011812) ————-

MORTGAGE APPLICATIONS SURGE 23%

Record-low mortgage rates sparked a wave in mortgage applications for home purchase and refinancings last week, increasing more than 20 percent in a week, the Mortgage Bankers Association reports.

For the week ending Jan. 13, mortgage applications for refinancing applications jumped 26.4 percent while home purchase applications, a future gauge for home buying, increased 10.3 percent.

“With mortgage rates reaching new lows, refinance volume jumped,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement. “Purchase activity also increased as buyers returned to the market after the holiday season.”

Freddie Mac reported that 30-year fixed-rate mortgage averaged a record low of 3.89 percent for the week ending Jan. 12. For six consecutive weeks, 30-year fixed-rate mortgages — the most popular choice among home buyers — has averaged below 4 percent.

Source: “Mortgage Applications Surge on Refinancing Demand,” Reuters (Jan. 18, 2012); Daily Real Estate News (011812) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

January 18, 2012 - Posted by kbargers | economy, real estate | bargers solutions, blog, daily real estate news, freddie mac, home purchase, january 2012, kenneth bargers, michael fratantoni, mortgage applications soar, mortgage bankerrs association, Nashville, pilkerton realtors, refinancing, reuters, tennessee