Undaunted by the holiday season, consumers continued to apply for mortgages in record numbers last week, according to the latest Weekly Mortgage Applications Survey, released today by The Mortgage Bankers Association (MBA).
The MBA reports that its Market Composite Index, which measures mortgage loan application volume, shows the number of people applying to refinance their mortgage dipped only 0.4 percent while the purchase index increased 1.4 percent for the week ending December 26.
According to Quicken Loans Chief Economist Bob Walters, mortgage activity will remain strong as long as long-term interest rates continue to hover near historic lows.
“The continued strength in mortgage activity is particularly impressive considering it not only comes during a holiday week, but also because it builds on record numbers from the week prior. People are refinancing their mortgages in droves, and many other consumers are using these rates to purchase homes in desirable areas at fire-sale prices.
“However, despite the large increase in mortgage activity, there are many more consumers who can, and should, take advantage of these rates to improve not only their interest rate, but their overall financial balance sheet.”
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