Mortgage applications jump
Posted February 8, 2012
For the week ending Feb 3rd, mortgage applications increased by 7.5%, primarily due to higher refinance demand.
Refinances were up by 9% for that period, although purchases were fairly flat, and now the percentage of refinances as it relates to overall mortgage transactions has increased slightly to 80.5% from 80 percent.
We’ll likely see a pullback on those numbers this week, as we’ve seen an uptick in rates after last Friday’s Jobs Number. Overall Mortgage Rates continue to be strong, and bond yields remain stuck in a fairly narrow trading range due to a quiet start to the week on the economic front, coupled with back and forth movement in Greece regarding the outcome of a resolution for their debt crisis.