General World News

Mortgage apps climb 12% on spike in refi demand

Mortgage applications increased 12% from the previous week due to a surprising uptick in demand for “refis” as borrowers try to secure a lower rate, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 28.

The seasonally adjusted Refinance Index rose 18.4% in the same period. Meanwhile, the Purchase Index increased 4%.

Compared to the same week one year ago, mortgage apps overall dropped 37%, with a sharp decline in refinance (-50.4%) compared to purchase (-6.7%).

According to Joel Kan, MBA’s associate vice president of economic and industry forecasting, mortgage rates continued to climb, details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com