Mortgage Refi’s Drive Activity

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Refinances will drive apppraisals which will firm up valuations.- Stefan

US Mortgage Applications Rose Last Week

Published: Wednesday, 1 Aug 2012 | 7:11 AM ET

Applications for U.S. home mortgages rose last week as demand for refinancing edged up, though demand for mortgages for purchases dropped, an industry group said on Wednesday.

Anthony Bradshaw | Photodisc | Getty Images

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.2 percent in the week ended July 27.

The MBA’s seasonally adjusted index of refinancing applications rose 0.8 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 2.1 percent.

 

The refinance share of total mortgage activity rose to 81.2 percent of applications from 80.8 percent the week before.

Fixed 30-year mortgage rates averaged 3.75 percent in the week, up 1 basis point from 3.74 percent the week before.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

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I embrace the challenges of putting deals together in this ever-changing and fast moving business and I am open for business! I work in residential and commercial in both purchase and lease for both end users and investors.

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