"Refis dominate. The uptick in purchase activity, however, is a result of the historically low interest rates, he says. "July and August settled down a bit after the tax credits expired, and just.
The uptick in mortgage activity was led by refinancing, which saw a 7.7 percent increase during the same time period. New mortgage purchases declined slightly, dipping 1.9 percent that week.
Mortgage applications and refinance activity. prices have led to further declines in longer-term interest rates,” said MBA Chief Economist Mike Fratantoni. “Mortgage rates reached their lowest.
Rise in mortgage applications fueled by low rates, refis, lower home prices. The increases have led some real estate experts and economists to think the area’s worst housing days are over.
The industry group’s market composite index increased. last week’s uptick, refinance volumes are still off their early May high by 60%. Over the same time period, moreover, they’ve gone from a 76%.
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Second, Fleming said, while declining mortgage rates spurred refinance activity, they’ve also encouraged potential home buyers to return to the market. "In these competitive conditions, there is more motivation to misrepresent information on a loan application to qualify for the bigger mortgage necessary to win the bidding war for a home," he said.
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According to the survey, mortgage loan application volume went up over 15 percent on a seasonally adjusted basis, with a steady increase by 43.9 percent on an unadjusted basis from the week earlier.
According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 12, mortgage applications increased 4.1 percent from one week earlier. The Market Composite Index, a measure of mortgage loan application volume, increased 4.1 percent on a seasonally adjusted basis from one week earlier.
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Rising interest rates are pushing mortgage applications to four-year lows. The Mortgage Banker Association’s market composite index, a measure of loan application volume, fell.