Demand for refis surges

Survey: 2 in 3 loan applications for refinancing

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Applications for mortgage were up a seasonally adjusted 8.2 percent last week, even though demand for purchase loans sagged, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

Requests for purchase loans were down a seasonally adjusted 1.8 percent from one week earlier for the week ending Oct. 30, the MBA said. The decrease was more than offset by a 14.5 percent increase in applications for refinancings, which accounted for 66.1 percent of all loan requests.