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Mortgage Applications for Purchases Jump 8%

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Article by: Mortgage Bankers Association

Mortgage Applications for Purchases Jump 8%

Mortgage applications for those purchasing homes was on the upswing last week: Applications for purchases grew to a seasonally adjusted 8.2 percent during the week ending Feb. 24, the Mortgage Bankers Association reports.

Mortgage refinance applications, on the other hand, dropped 2.2 percent during the same period, which brought overall mortgage applications down 0.3 percent compared to a week earlier.

The MBA report was adjusted to take into account the President’s Day holiday last week.

“Mortgage rates remained near survey lows last week, but refinance volume fell slightly,” says Michael Fratantoni, MBA’s vice president of research and economics.

Home buyers continue to favor fixed-rate 30-year mortgages over other financing options, according to the MBA survey. In January, 86 percent of all home purchase applications were for 30-year fixed-rate mortgages, 6.5 percent for 15-year fixed-rate mortgages, and 5.4 percent were for adjustable-rate mortgages.

Source: Mortgage Bankers Association; Daily Real Estate News (March 1, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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