Mortgage applications soar
Posted: Thu Feb 09, 2012 9:23 amMortgage applications soar
« Thread Started on Dec 3, 2008, 8:41pm »
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Mortgage applications soar
Posted: 11:39 AM ET
By Julianne Pepitone
CNNMoney.com
NEW YORK (CNNMoney.com) — Mortgage applications more than doubled last week, a mortgage bankers’ group said Wednesday, as government bailouts led to sinking interest rates that made refinancing especially more attractive.
In the weekly report, the Market Composite Index — the Mortgage Bankers Association’s measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week; it was down 21.9 percent from a year earlier, the report said. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted after the Fed’s announcement that it will buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac, according to Orawin Velz, the MBA’s associate vice president of economic forecasting. “Many of those on the sidelines decided to quickly jump in and take advantage of lower rates before they began to rebound,” he said in a prepared statement.
« Thread Started on Dec 3, 2008, 8:41pm »
--------------------------------------------------------------------------------
Mortgage applications soar
Posted: 11:39 AM ET
By Julianne Pepitone
CNNMoney.com
NEW YORK (CNNMoney.com) — Mortgage applications more than doubled last week, a mortgage bankers’ group said Wednesday, as government bailouts led to sinking interest rates that made refinancing especially more attractive.
In the weekly report, the Market Composite Index — the Mortgage Bankers Association’s measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week; it was down 21.9 percent from a year earlier, the report said. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted after the Fed’s announcement that it will buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac, according to Orawin Velz, the MBA’s associate vice president of economic forecasting. “Many of those on the sidelines decided to quickly jump in and take advantage of lower rates before they began to rebound,” he said in a prepared statement.