Home mortgage applications rose 2.9% during the week ending May 9, according to trade group Mortgage Bankers Association's weekly application survey.
Finally good news: The MBA's application index increased to 674.4 during that week, compared with 655.4 one week earlier.
Refinance level increased 6.5% during the week, while purchase volume fell 0.7%. The refinance volume accounted for 48.7% of total mortgage requests during the week ending May 9.
The MBA's application index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume obtained on March 16, 1990, the first week the MBA tracked application volume. A level of 674.4 means mortgage application activity is 6.744 times higher than it was when the MBA began tracking the data.
The MBA's application index provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all home retail mortgage originations each week.
The application volume rose a little as interest rates declined during the week. The average rate for a traditional, 30-year fixed-rate mortgage fell to 5.82% from 5.91% the previous week.
The 15-year fixed-rate mortgage, a popular option for refinancing a loan, fell to 5.38% from 5.49%.
The average interest rate for a one-year adjustable-rate mortgage fell to 6.6% from 6.77%.
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