Industry News

Real estate refis jump

Borrowers take advantage of lower interest rates

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Overall mortgage applications grew 2.2 percent last week on a seasonally adjusted basis from the week before, boosted by a jump in refinancings, according to the Mortgage Bankers Association's weekly survey. The seasonally adjusted refinance index increased by 5 percent to 2,285.5 from 2,176.5 one week earlier, while the seasonally adjusted purchase index increased by 0.1 percent to 499.3 from 498.8 the previous week. "The overall number of applications is up 10.6 percent over the same time last year while the dollar volume of applications is up 26.1 percent. This increase is true for both purchase and refinance applications, no doubt reflecting the increase in home values over the past year," said Michael Cevarr, director of Member Surveys. The refinance share of mortgage activity increased to 42.4 percent of total applications from 40.9 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 28.9 percent of total applications from 29.7 percent the...