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Latest Mortgage Applications Report Shows Home Purchases Picking Up Steam
January 9, 2009 by Mortgage Align · Leave a Comment
Last week, the number of Americans applying for mortgages decreased from the previous week, according to a report released today by the Mortgage Bankers Association (MBA).
The Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending January 2, mortgage activity decreased 8.2% from the previous week’s numbers. The number of mortgage refinance applications fell 12.3%, while mortgage applications to purchase a home posted a 7.3% increase.
Bob Walters, chief economist for Quicken Loans, says the decrease in applications does not diminish the strong numbers of the last several weeks and expects more consumers to benefit from low rates and desirable home prices.
“While there was a dip in refinance mortgage applications last week, this decline follows several weeks of record mortgage activity. Overall, the 2009 year is off to a very strong start, continuing the momentum of the last several weeks, which have seen record mortgage activity. Driving the recent surge in mortgage activity are consumers who may have been in a solid loan, but recognize the advantages of refinancing to put money back into their pockets or switch out of an adjustable rate.”
“In addition, home buyers are able to benefit from both low mortgage rates and home prices that are well below their reasonable market value.”
