The Real Deal Miami

Mortgage applications leap as rates fall

The number of mortgage applications for the week ending March 6, 2013  increased 14.8 percent on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association announced today. On an unadjusted basis, the Index increased 15 percent compared with the previous week.

The Refinance Index increased 15 percent from the previous week to its highest level since mid-January. The seasonally adjusted Purchase Index increased 15 percent from one week earlier.  And unadjusted, the Purchase Index increased 18 percent compared with the previous week and was 17 percent higher than the same week one year ago.

The refinance share of mortgage activity held at 77 percent of total applications. The adjustable-rate mortgage share of activity also held at 4 percent of total applications.

Interest rates for 30-year fixed-rate loans with conforming balances decreased to 3.70 percent from 3.77 percent, while interest rates for jumbo loans decreased to 3.80 percent, from 3.93 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans decreased to 3.47 percent from 3.54 percent and 15-year fixed-rate mortgages decreased to 2.96 percent from 3.03 percent — the lowest contract rate since the week ending January 25, 2013. —Christopher Cameron

  • Diana Sparks

    My opinion is that today’s housing market offers consumers a lot of attractive deals. People will always have a need of buying houses so it means that they will always apply for mortgages. Especially getting a mortgage is good when interest rates drop. Then consumers become more active and don’t hesitate to file applications. Yes, buying a house is still expensive but when interest rate on a housing loan or money loan online is low it stimulates the customer.