MBA: Mortgage Applications Rebound Despite Higher Rates

Wednesday, 09 Jan 2013 07:46 AM

 

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Applications for U.S. home mortgages rebounded last week after three straight weeks of declines, even as interest rates jumped, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, surged 11.7 percent in the week ended Jan 4.

The index of refinancing applications jumped 12.1 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, climbed 9.6 percent.

The refinance share of total mortgage activity held steady at 82 percent of applications.

Fixed 30-year mortgage rates increased 9 basis points to average 3.61 p ercent compared with 3.52 percent the week before. It was the highest level since early November.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

© 2014 Thomson/Reuters. All rights reserved.

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