04 Mar Mortgage Applications Skyrocket 49 Percent-Largest Weekly Jump Since 2008
Mortgage applications made big moves several weeks ago, increasing 49.1 percent from one week earlier and showcasing the largest jump since November 2008, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 9, 2015.
“The US economy and job market continued to show signs of strength, but weakness abroad and tumbling oil prices have led further declines in longer-term interest rates,” says Mike Fratantoni, MBA’s Chief Economist.
“In addition to the drop in rates, and news of improvement in the job market, there was additional positive news for prospective homebuyers with evidence that credit availability has increased somewhat, and with FHA’s announcement of a decrease in their mortgage insurance premiums. Purchase application volume increased by almost 24 percent, with stronger growth for conventional applications than government loans. Purchase application volume was at its highest level since September 2013, increased on a year over year basis in the aggregate, and notably increased across most loan size categories, particularly for the conforming, middle of the market loan segments that have been weak for much of the past year. FHA purchase application volume was up by 17 percent for the week on a seasonally adjusted basis.”
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Note to Potential Sellers: The time is now to list your home and get a jump on the spring market!