U.S. Mortgage Applications Rise 23%
Mortgage applications increased more than 23 percent last week over the first week in January, largely due to a drop in interest rates amid continuing worries about the economic situation in Europe, the Mortgage Bankers Association (MBA) said.
The MBA's Market Composite Index, a measure of mortgage loan application volume, jumped 23.1 percent on a seasonally adjusted basis. The organization's Refinance Index, meanwhile, increased 26.4 percent to its highest level since August. Refinance share of mortgage application activity rose to 82.2 percent of all applications, marking the highest refinance share since Oct. 22, 2010.
"With mortgage rates reaching new lows, refinance volume jumped," said Michael Fratantoni, the association's vice president of research and economics. "Purchase activity also increased as buyers returned to the market after the holiday season."
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