Filed under: Economic data, Housing

Mortgage application volume increased 7.5% for the week ended Jan. 25, 2008, the Mortgage Bankers Association’s announced Wednesday.

The MBA’s application index rose to 1,054.9 from 981.5 the previous week. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.

Refinance volume pushed the index higher. Refinance application volume increased 22.1%, while purchase volume tumbled 17.7%. Refinance applications accounted for 73% of total applications.

An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 1,054.9 means mortgage application activity is 10.549 times higher than it was when the MBA began tracking the data.

The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all residential retail mortgage originations each week.

Continue reading Mortgage applications rise with refinance activity

Permalink | Email this | Comments

Share This

This entry was posted on Wednesday, January 30th, 2008 at 4:57 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.