Loan application volume slips in February’s final full week

Home loan application activity dipped 4 percent for the week ending February 22.Mortgage activity wasn't quite as robust as it's been in the past on a national level, as a new report indicates that fewer applications were submitted recently.According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey, the total?loan volume fell 3.8 percent for the week ending February 22.Among those who were making home payment related decisions, many of them were refinancing to today's record-low rates. MBA notes that roughly 77 percent of total applications were refinance-related, on par with where the percentage was in the previous week.Whether it's among individuals refinancing their Houston homes or at some other location, it's hard to find fault with people adjusting their interest rates. For the same week, 30-year fixed rate mortgages averaged 3.5 percent with an average 0.8, according to Freddie Mac's Primary Mortgage Market Survey. That's four-tenths of a percent lower than at the same time last year.Fifteen-year amortization periods tend to be popular with homeowners refinancing. Rates remained in bottom-dwelling territory, averaging 2.7 percent from 3.1 percent through the corresponding seven-day period in 2012.
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