Mortgage apps jump ahead of FHA rate hikes

April 20, 2011 09:00AM

A jump in U.S. mortgage application volume last week was fueled by consumer worries about a scheduled increase in insurance premiums from the Federal Housing Administration, the Mortgage Bankers Association said today. According to data from the MBA through April 15, mortgage applications for purchase rose 10 percent to their highest level since December on a week-over-week basis, while refinance applications rose by 2.7 percent from the week prior. Government purchase applications, in particular, saw the largest spike, rising 17.6 percent last week. Meanwhile, interest rates fell, with the 30-year mortgage averaging 4.83 percent, down from 4.98 percent one week earlier, and the 15-year mortgage droppin down to 4.07 percent from 4.17 percent one week earlier. TRD

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