Industry NewsMortgage

Rising rates not stunting loan demand

MBA: Purchase-loan volume to grow 30%, refis to shrink 66% in 2011

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Editor's note: This story has been corrected to note that mortgage rates hit record lows during the week ending Nov. 11.Demand for purchase loans held up during the final two weeks of 2010, even as rates on 30-year fixed-rate mortgages approached 5 percent before retreating.Demand for purchase loans was up 3.1 percent from the week before during the week ending Dec. 24 and was essentially flat during the week ending Dec. 31, falling by 0.8 percent, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.Those numbers are seasonally adjusted, and also include an adjustment to account for the Christmas and New Year's Day holidays.Applications for refinancings were down 7.2 percent for the week ending Dec. 24 but up 3.9 percent in the final week of the year.The average contract interest rate for 30-year fixed-rate mortgages increased to 4.93 percent during the week ending Dec. 24, up from 4.84 percent the week before, while points decrease...