Mortgage loan application volume surged 32 percent last week, according to the Mortgage Bankers Association. That means the number of applications filed for new mortgage loans increased.
The mortgage loan application volume also increased 18 percent from the same week a year ago, MBA announced.
“Mortgage rates fell sharply to low levels not seen in six decades following the Federal Reserve’s announcement on the Treasury bond and mortgage-backed securities purchase programs. The drop offered a sizable refinance incentive for most homeowners sparking a pickup in refinance activity,” said Orawin Velz, MBA’s associate vice president of economic forecasting.
Average rates were:
- 4.63 percent for 30-year fixed-rate mortgage loans
- 4.48 percent for 15-year fixed-rate mortgage loans
- 6.22 percent for 1-year adjustable rate mortgage loans
Refinance applications composed the majority of the mortgage loan applications with 78.5 percent of those submitted.
The information presented here comes from data submitted to MBA by its members and covers about 50 percent of mortgage loan applications.
March 25, 2009.