Mortgage Applications Jump
The Mortgage Bankers Association reported that applications for home loans surged 8.8% in the latest week, as applications for purchase jumped 7.1% and refinancing applications soared 11%. "An increasing proportion of refinancing activity is now accounted for by homeowners locking in fixed mortgage rates. Despite a lot of weekly volatility, refinancing activity has been little changed over the past 6 months and is actually 5.5% above its year-ago level," noted Steven Wood of consulting firm Insight Economics. Average mortgage rates were mixed, with 30-year rates flat and 15-year rates higher by a couple ticks. The average one-year Treasury adjustable-rate mortgage rate declined.