Mortgage Applications Increasing in Demand
The housing market in 2013 has picked up right where it left off come the end of 2012; it is thriving. Mortgage applications are also seeing a spike as in just the first two weeks of January of this year they have seen a rise of 15.2%. The reason for such an optimistic leap is due to both home purchases and refinancing realizing a boost at the beginning of this calendar year.
The Mortgage Bankers Association shared that just in week-over-week statistics for the first two weeks of January, the second week showed a 13% hike up in the seasonally adjusted purchase index. Furthermore, refinancing applications are also up by a respectable 15%. Out of all of these loan applications, 82% of them were sought after for refinancing purposes.
Mortgage rates remain at near all-time lows as they have done for most of the past twelve months. The 30-year fixed-rate mortgage stayed very close to where it has been at 3.61% as of the past week. Next, the 30-year fixed-rate mortgage for a jumbo loan went up to 3.88% from where it was at 3.78%. Finally, the average 30-year fixed-rate mortgage, which is backed by the Federal Housing Administration, climbed from 3.35% to 3.39%. Looking to the 15-year fixed-mortgage rate, it was vastly unchanged and stayed at 2.88%, however the average rate for the 5/1 Adjustable-rate mortgage went up from 2.64% to 2.66%.
More Information: Housing Wire
