Mortgage Applications
Soar as Consumers Snap Up Low Rates
Home loan demand registered the biggest weekly gain in more than six years, reports the Mortgage Bankers Association. Application activity spiked 49 percent in the week ended Jan. 9 as borrowers scrambled to lock in mortgage interest that has dipped to a nearly two-year low. Anecdotal evidence from mortgage brokers suggests that favorable borrowing costs, coupled with a recent White House announcement about lower fees for a popular federal loan program, motivated many prospective home buyers to get off the fence. Existing homeowners, however, drove last week's frenzy. MBA's refinance index reflected a 66 percent jump in volume, but the boomlet is not expected to last long, considering the limited number of existing borrowers who still carry high interest rates.
From "Mortgage Applications Soar as Consumers Snap Up Low Rates"
Wall Street Journal (01/14/15) Light, Joe
Home loan demand registered the biggest weekly gain in more than six years, reports the Mortgage Bankers Association. Application activity spiked 49 percent in the week ended Jan. 9 as borrowers scrambled to lock in mortgage interest that has dipped to a nearly two-year low. Anecdotal evidence from mortgage brokers suggests that favorable borrowing costs, coupled with a recent White House announcement about lower fees for a popular federal loan program, motivated many prospective home buyers to get off the fence. Existing homeowners, however, drove last week's frenzy. MBA's refinance index reflected a 66 percent jump in volume, but the boomlet is not expected to last long, considering the limited number of existing borrowers who still carry high interest rates.
From "Mortgage Applications Soar as Consumers Snap Up Low Rates"
Wall Street Journal (01/14/15) Light, Joe
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