Mortgage Applications Surge by 49%

Julie C. Nichols General

MBA NewsLink – Mike Sorohan

Mortgage applications surged from one week earlier, the largest single weekly gain since 2008, as key interest rates fell back below 4 percent to their lowest levels since May 2013, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending January 9.

The Market Composite Index increased by 49.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased by 119 percent compared to the previous week.

The Refinance Index increased by 66 percent from the previous week to its highest level since July 2013. The refinance share of mortgage activity increased to 71 percent of total applications from 65 percent the previous week.

The seasonally adjusted Purchase Index increased by 24 percent from one week earlier to its highest level since September 2013. The unadjusted Purchase Index increased by 83 percent compared to the previous week and was 2 percent higher than the same week one year ago.

The FHA share of total applications decreased to 7.5 percent from 9.3 percent last week. The VA share of total applications decreased to 9.7 percent from 10.7 percent last week. The USDA share of total applications decreased to 0.8 percent from 0.9 percent last week.

>> Read More: http://www.mortgagebankers.org/tools/FullStory.aspx?ArticleId=54379

Visit my website at: www.juliecnichols.com