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New Applications for Financing On the Rise
The demand for new mortgages, both for new home purchases and refinances, jumped last week after reaching seven month lows the week before. This as 30 year fixed loan rates went unchanged, according to the Mortgage Bankers Association.
The MBA reported its total loan applications index climbed a seasonally adjusted 11% to 493 for the week ending July 3rd after falling the previous week to its lowest point since November.
The report was adjusted for Independence Day, which fell on Friday.
An abrupt jump in mortgage rates after reaching record lows in the spring had deterred homeowners from trying to reduce monthly costs through refinancing.
The MBA's seasonally adjusted refinancing index rose more than 15% last week to 1,707, after plummeting 30% the week before.
The average rate for a 30 year mortgage remained at 5.34%. That's still higher than the 4.61% record low from late March, but significantly lower than the 7.04% from the same week in 2008.
In the 4 week moving average, meant to curb volatility, the purchase index climbed a little over 1% and the refinance index dropped just under 11%.
Marin Real Estate Blog
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