MBA: Home refinance applications increase - Bills.com News

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MBA: Home refinance applications increase

Wednesday, Sep 9, 2009
By Peter Krowiak

In its most recent weekly survey, the Mortgage Bankers Association (MBA) reported that home refinance applications saw an increase.

Home refinance applications accounted for 59.8 percent of overall mortgage activity in the survey, which is up from the 56.5 percent reported in the MBA's last weekly survey. The MBA's Refinance Index showed that refinance applications increased by 22.5 percent over the prior week, which represents the highest gain since the middleof March.

Overall mortgage applications also were up for the week by a seasonally-adjusted 17 percent over the previous survey. The MBA indicated that lower rates on mortgages have increased activity monitored in the survey.

The average rate for a 30-year fixed mortgage dropped from 5.15 percent to 5.02 percent. For 15-year fixed mortgages, the average rate fell from 4.57 percent to 4.45 percent.

Rates also declined over the week for one-year adjustable mortgages. The previous survey had rates for one-year adjustable mortgages at 6.71 percent and now has them at
6.69 percent.

According to recent reports, 12 percent of delinquent borrowers have had trial loan modifications started through the government's Making Home Affordable program. The Obama administration has set a goal of having 500,000 loan modifications underway by November 1 of 2009.

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