Overall mortgage purchases last week jumped 30.4 percent on a seasonally adjusted basis, as sub-6 percent interest rates fueled a frenzy of new borrowers and refinancers, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 12.5 percent to 501.6 from 445.9 the previous week. The seasonally adjusted refinance index increased by 51.5 percent to 3,327.3 from 2,195.7 one week earlier. "Spurred by mortgage rates below 6 percent, the purchase index reached a record high and the refinance index increased by over 51 percent last week. The refinance index increase marks the highest week to week percent increase since the week ending Jan. 12, 2001," said Jay Brinkmann, MBA's vice president of research and economics. The refinanc...
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