Mortgage Applications Surge, Purchases at Three-Year High

Hot news from AZ Home Help:

Posted To: MND NewsWire

While refinancing drove mortgage originations, a small uptick was enough to send purchase applications to a three year high according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ended May 3. MBA's Market Composite Index, a measure of all mortgage volume, rose 7.0 percent on both seasonally adjusted and unadjusted basis from the week ended April 26. The seasonally adjusted Purchase Index increased 2 percent from the previous week and reached the highest level since May 2010. On an unadjusted basis the Purchase Index was up 3 percent from the week before and was 12 percent higher than a year earlier. Refinancing surged during the week, reflecting the run of 2013 interest rate lows ahead of Friday's Employment Data. The MBA's Refinancing...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/05082013_application_volume.asp

- For more real estate news visit our website at http://www.AzHomeHelp.com