Mortgage Applications Rise 7.5%
Mortgage applications nationwide increased 7.5 percent last week, helped by a jump in applications for refinancings, according to the Mortgage Bankers Association.
The MBA's weekly survey of mortgage applications, which are represented in its Market Composite Index, said refinancing activity increased last week to 80.5 percent of all applications from 80 percent, which indicates strong activity among homeowners wanting to take advantage of lower mortgage rates and lower their monthly payments.
The MBA also cited a drop in interest rates for all forms of home financing. It said the average rate for a conventional 30-year, fixed-rate mortgage was 4.05 percent, down from 4.09 percent. The average rate for a 15-year fixed mortgage dropped to 3.33 percent from 3.36 percent.
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