“Purchase application volume jumped last week largely due to another sharp increase in applications for government loans. Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums,” said Michael Fratantoni, MBA’s Vice President of Research and Economics, in a release.
“Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week.”
That pushed the refinance share of mortgage activity to 58.5 percent of total applications from 60.3 percent a week earlier.
So it looks as if purchases will eclipse refinances in the near future, which is good news for the flagging housing market.
The 15-year fixed averaged 4.07 percent, down from 4.17 percent a week earlier, meaning mortgage rates are still very, very low historically.
That alone could bring more buyers to the signing table this summer.
- QRM Rule Could Cause FHA Mortgage Share to Skyrocket, by Michael Kraus , Totalmortgage.com (oregonrealestateroundtable.com)
- FHA Guidelines for Loan in Kentucky on a home (kentuckyfhaloan.wordpress.com)
- Proposed QRM Rule Released, 20% Down Payment Required, by Michael Kraus, Totalmortgage.com (oregonrealestateroundtable.com)
- Purchase Mortgage Demand Hits 2011 High (jvitto.wordpress.com)
- Mortgage rates fall, applications rise (szerlip.wordpress.com)
- Get Your Applications In : FHA Mortgage Insurance Premiums Rising 0.25 Percent April 18, 2011 (clewismortgage.wordpress.com)
- Understanding FHA 203K Mortgage (debtsettlementevents.wordpress.com)
- >FHA to increase the FHA monthly mortgage insurance (Kentucky) (louisvillemortgagerates.wordpress.com)
- Larger down payments aren’t the answer (hsh.com)