Last week, the number of Americans applying for mortgages increased 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 30, mortgage activity increased 8.6 percent from the previous week’s numbers.
The number of refinance applications jumped 15.8 percent, while applications from those seeking to purchase a home fell 11.2 percent.
Bob Walters, chief economist for Quicken Loans, attributed the increase in refinance applications to sustained low rates.
“Favorable long-term mortgage rates are continuing to entice consumers into the market to refinance their existing loans. Consumers are watching the market, reading the news, and realizing that refinancing can create payment security and perhaps lower their monthly payment,” said Walters.
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