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Mortgage applications bounce back to begin 2019


Mortgage applications surged after the New Year’s holiday, according to the Mortgage Bankers Association (MBA).

For the week ending Jan. 4, MBA’s composite index was up nearly 25 percent when adjusted for the New Year’s Day holiday. On an unadjusted basis, the index rose by 68 percent.

The refinance index increased by 35 percent from the previous week, hitting the highest level since February 2018. The adjusted purchase index increased by 17 percent compared to a week earlier. MBA said that mortgage rates fell to a nine-month low.

"Purchase applications had their strongest week in a month, finishing over 4 percent higher than a year ago, as both conventional and government purchase activity bounced back with solid gains after a sluggish holiday season," said Joel Kan, MBA associate vice president of economic and industry forecasts.

Kan said the rate decreases ranged between nine and 20 basis points. "This drop in rates spurred a flurry of refinance activity, particularly for borrowers with larger loans," he said.

The average loan size for refinance applications reached a high for the survey at $339,800.


 

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