GREAT NEWS: Mortgage Applications Surge To Three Year High

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Photo: Andreas Praefcke, Wikimedia Commons

Mortgage activity is on the rise.  The Mortgage Banker’s Association’s weekly applications survey showed activity increased 18 per cent to the highest level since 2009.Last week’s survey showed the average rate for 30 year fixed-rate mortgages at 3.87 per cent, the lowest in the history of the survey. It appears that homebuyers are starting to respond.

Here are some highlights from the report:

  • Loan requests for home purchases, a leading indicator of sales, increased 12.8 per cent.
  • The MBA’s seasonally adjusted index of refinancing applications rose 19.2 per cent. 
  • The share of refinancing in mortgage activity rose slightly to 79 per cent of applications. 
  • The average rate for fixed-rate 30 year mortgages is up one basis point to 3.88 per cent.

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