According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week from one week earlier. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. As a result, demand for mortgage applications climbed 2.8 percent week-over-week. Joel Kan, MBA’s vice president and deputy chief economist, said rates were at their lowest level in weeks. “Mortgage applications rose last week as the lowest rates in four weeks helped to revive some refinance activity,” Kan said. “Treasury yields ended the week lower as weaker data on retail sales and home sales outweighed better-than-expected readings on the job market for January.” As a result, refinance activity was up 7 percent from the week before and is now 132 percent higher than last year at the same time. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
