Mortgage Applications Rose Last Week
For the first time in seven weeks, the number of mortgage applications has risen from the previous week’s total according to the latest data from the Mortgage Bankers Association (MBA). The increase was driven by a 4% jump in refinancing…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
While this is an improvement, the four-week moving average for all mortgage applications remains 2.1% lower. The refinancing average is down 3.7% and the purchase average is up 3.5%. Refinancings accounted for 71.5% of mortgage applications last week, down from 71.9% in the previous week.
The MBA attributes some of the March increase to purchases seeking to beat an April 1st rise in federally-backed mortgage insurance premiums. Mortgage rates for a 30-year fixed conforming loan also fell last week, from 4.23% to 4.16%.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.