MBA: Mortgage applications rise significantly to start August

The total volume of mortgage applications rose significantly during the first week of August.According to the most recent data released by the Mortgage Bankers Association, the total volume of home loan applications increased significantly during the week ending August 5.Overall, mortgage volume was up 21.7 percent during the week, as refinancing levels hit their highest level thus far in 2011. The company's seasonally adjusted Refinance Index grew 30.4 percent, while the Purchase Index declined 0.9 percent.”Over the past month, refinance application volume has increased by 63 percent,” said Michael Fratantoni, MBA vice president of research and economics. “Refinance applications for jumbo loans increased by almost 75 percent relative to last week. Despite these low mortgage rates, applications for home purchase have remained little changed through the summer.”The four-week averages for the company's indices showed opposite trends, however. The averages for the seasonally adjusted Market Index and Refinance Index were up 2.8 percent and 4.2 percent, respectively. However, the four-week average for the adjusted Purchase Index was down 0.4 percent.According to recent reports, Houston was among the nation's most productive cities in terms of job creation. Thus, the number of mortgages applied for those looking for Houston properties may have increased during the week.Courtesy of 2M Realty News

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