Mortgage Refinance Applications Rose for Third Straight Week
source: thenewsoftoday.com
According to the Mortgage Brokers Association – a survey covering more than 50% of all applications nationwide – the number of borrowers looking to refinance their mortgages rose for the third straight week last Friday. A slightly interesting trend considering refinance rates (and mortgage rates in general) have been on the rise lately.
One thing to keep in mind as well is that while applications are increasing this does not necessarily mean the approvals for mortgage refi’s are increasing proportionately.
The Associated Press’s report can be seen here or below:
“The Mortgage Bankers Association said Wednesday its refinance index increased 7.7 percent from the previous week. Overall, the mortgage applications index rose 5 percent this week.
But the number of people applying for a mortgage to buy a home fell 1.9 percent.
Rates on fixed mortgages were mixed, the survey said. The average rate for the 30-year fixed loan slipped to 4.77 percent from 4.78 percent. The rate on the 15-year mortgage, a popular refinance option, rose to 4.16 percent from 4.15 percent.
Still, fixed mortgage rates are about a half-point higher than in November. They have risen as Treasury yields increased on improved economic data. Investors tend to seek safer investments like Treasury bonds in rockier times.
Mortgage rates track the yield on the 10-year Treasury note.”
