The Mortgage Bankers Association Applications for Home Mortgage Rebound

Applications for Home Mortgage increased last week on the back of news of refinancing activity and easing of interest rates

The Mortgage Bankers Association

The Mortgage Bankers Association – quote –  said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 13.2 percent in the week ended February 18. It was the biggest weekly jump since early October 2010.

“Ongoing turmoil in the Middle East brought interest rates lower last week. Borrowers took advantage of these lower rates, bringing application activity back near levels from two weeks ago, following sharp declines last week,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement.

The MBA’s seasonally adjusted index of refinancing applications gained 17.8 percent, while the gauge of loan requests for home purchases climbed 5.1 percent.

‘Hardly news that will set the housing market on fire!’

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