According to the latest data, mortgage applications last week rose 25.5 percent from the previous week.
The Mortgage Applications Survey from the Mortgage Bankers Association showed that refinancing increased by 24 percent and purchase mortgages increased by 27 percent. Refinancing was a little over half of the activity, comprising 58 percent, while adjustable-rate mortgages comprised 7.6 percent.
“The number of applications for purchase and refinance mortgages soared last week due both to renewed rate volatility and as many applications were filed prior to the TILA-RESPA regulatory change,” Lynn Fisher, MBA’s Vice President of Research and Economics told Chicago Agent Magazine. “The average loan size of applications in the weekly survey increased by 6.9 percent, driven by a 12.1 percent increase in the average size of refinances.”
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