Mortgage demand saw a huge 12% jump to end the month, according to the Mortgage Bankers Association weekly survey…(MBA)
- REFIS: The refinance index jumped 18% week-over-week but was still down 50% from the same time one year ago.
- PURCHASES: The purchase index was up 4% week-over-week but was still down 7% from the same time one year ago.
NOTE: The refinance share of mortgage activity increased to 57.3% of total applications from 55.8% the previous week.
Mortgage rates continue to climb but the pace of growth has slowed considerably…
- 30-YR FIXED average contract interest rate was up 3 basis points to 3.59% and is now 67 basis points higher than one year ago.
- 15-YR FIXED average contract interest rate was up 1 basis point to 3.01% and is now up 57 basis points higher than one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, noted that refis had the big jump but purchases are still the hottest market…
- “Purchase applications also increased in the final full week of January but remained 7 percent lower than a year ago. The average purchase loan size hit a new survey high once again at $441,100. Stubbornly low inventory levels and swift home-price growth continue to push average loan sizes higher.”