Loan Demand Up 5.0 Percent, Rates Down

According to The Mortgage Bankers Association’s Weekly Applications Survey, total loan application volume rose 5.0 percent last week, due to a 7.7 percent increase in the Refinance Index. The seasonally adjusted Purchase Index fell 1.9 percent from a week earlier. Michael Fratantoni, MBA’s vice president of research and economics, said, with mortgage rates moving somewhat lower since the beginning of the year, refinance applications have picked up. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.77 percent from 4.78 percent the week before. More here and here.

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