Jan
13

Mortgage Refinancing Applications Surge

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According to MBA, mortgage refinance applications increased last week as homeowners looked to seize on record low interest rates. The jump in refinance applications came from all over the country as borrowers from California to Maine were seeking lower monthly mortgage payments once again.  The Mortgage Bankers Association reported yesterday that overall activity surged nearly 4.5% for the week ended January 6th. Most analysts predict that the mortgage refinance rate will remain at record lows for most of 2012.

Home Mortgage Refinancing Volumes Continue to Soar with Record Low Rates

The index got a boost from a 3.3% increase in refinance loans while consumers looking for a home purchase loan spiked 8.1 % from a week earlier.  The refinance loan share of home financing activity fell to 80.8% of total applications from the prior week’s survey high of 81.9%.

The fixed 30-year refinance rates, on loans with conforming balances ($417,500 or less) rose to 4.11% from 4.07%. The jumbo rates fell to 4.34 % from 4.41%.

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