Mortgage Apps Rise After New Years
On an unadjusted basis applications rose 66%. The increase reflects a shortened week due to the New Year’s holiday.
Most of the increase was in refinances, which rose 73.9% from the previous week’s unadjusted index. The unadjusted purchase index rose 48.8% compared to the previous week and was down 24.9% compared to the same week a year ago. Interest rates slipped:
- 30-year fixed-rate mortgages decreased to 5.13% from 5.18%.
- 15-year fixed-rate mortgages decreased to 4.45% from 4.62%.
- 1-year ARMs increased to 6.83% from 6.42%.
Source: Mortgage Bankers Association
Team Annett Office