February 1, 2012
Mortgage Activity Still Below Seasonal Norms
By Brandon Butler
Mortgage activity is picking up around the country, but is still below the seasonal averages for this time of year, according to the latest figures from the Mortgage Bankers Association.
On an unadjusted basis, mortgage activity increased 9 percent last week compared to the week before. But, on a seasonally adjusted basis, the figure is down 2.9 percent.
Refinance activity may be cooling off slightly as well. The Refinance Index, which measures mortgage refinance activity, fell 3.6 percent on a seasonally adjusted basis. Despite the drop, refinancing still makes up a whopping 80 percent of mortgage activity, the MBA found.
The rate on a 30-year fixed mortgage fell from 4.11 percent to 4.09 percent last week compared to the week before.
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