Industry News

Real estate purchases rebound

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Overall mortgage applications climbed 6.8 percent last week on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Associations' weekly survey. The seasonally adjusted purchase index increased by 6.1 percent to 499.1 from 470.6 the previous week, while the refinance index increased by 7.7 percent to 2,357.1 from 2,187.8 one week earlier. "While the volume of both ARM applications and fixed-rate applications increased from last week, 0.4 percent and 7.4 percent, respectively, the year-over-year trend is a different story," said Michael Cevarr, the MBA's director of member surveys. "Compared with one year ago, the volume of ARM applications is down 9.9 percent, whereas the number of fixed-rate mortgage applications is up 22.5 percent." The refinance share of mortgage activity increased to 44.8 percent of total applications from 43.8 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 26.5 percent of total applications f...