Thursday, November 16, 2006
Overall, mortgage applications increased 4.3% from a week earlier
WASHINGTON (MarketWatch) - The number of applications at U.S. banks to refinance mortgages rose to the highest level in more than a year last week as interest rates declined, the Mortgage Bankers Association reported Wednesday.
Average mortgage rates fell to the lowest level since January.
Overall, mortgage applications increased 4.3% from a week earlier. Applications are down just 0.1% in the past year.
Most of the increase in applications involved refinancings, which increased 6.5% to the highest level since October 2005. Refinancing volumes are up about 19% from the same week a year ago. The share of applications that were for refinances rose to 48%, the highest share since February 2005.
Meanwhile, mortgages to purchase a new home increased 2.7% last week and are up about 10% in just the past two weeks. However, purchase loans are down about 14% from a year ago. Home sales are also down about 14% from a year ago.
Two weeks in a row. Click on headline for the rest of the story
Average mortgage rates fell to the lowest level since January.
Overall, mortgage applications increased 4.3% from a week earlier. Applications are down just 0.1% in the past year.
Most of the increase in applications involved refinancings, which increased 6.5% to the highest level since October 2005. Refinancing volumes are up about 19% from the same week a year ago. The share of applications that were for refinances rose to 48%, the highest share since February 2005.
Meanwhile, mortgages to purchase a new home increased 2.7% last week and are up about 10% in just the past two weeks. However, purchase loans are down about 14% from a year ago. Home sales are also down about 14% from a year ago.
Two weeks in a row. Click on headline for the rest of the story
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