Industry NewsMortgage

Refi apps jump in latest survey

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Borrowers jumping on a dip in rates in order to refinance existing mortgages helped push loan applications up 5.1 percent for the week ending Oct. 10, even though applications for purchase mortgages were flat, the Mortgage Bankers Association said today. The MBA's Weekly Mortgage Applications Survey showed applications for refinance loans were up 12.5 percent from the previous week, while applications for conventional purchase loans fell 0.3 percent. The survey's indexes, which are seasonally adjusted, showed applications for government purchase loans, largely FHA, down 2.1 percent from the previous week. MBA economic forecaster Orawin Velz noted that Treasury yields were "extremely volatile." Lower yields earlier in the week appeared to have "spurred refinance activity, which then faded as the week went on and rates began to rise," Velz said. The refinance share of mortgage activity increased to 46.4 percent of total applications from 43.4 percent the ...