Real Estate News
Mortgage Applications See Biggest Post-Recession Jump
The Mortgage Bankers Association reported Wednesday that requests for home loans rose last week, marking the biggest jump in applications for home loans in more than six years. According to the report, overall applications for home loans jumped 49.1 percent in the week ended January 9th as compared to the week prior. That marks the largest one week increase in mortgage demand since November 2008, when the nation was still in the midst of its worst economic downturn since the 1930s.
The bulk of last week's surge in mortgage was fueled by demand for refinancing loans, as the MBA's seasonally adjusted index of refinancing applications rose 66.4 percent. That brings demand for refinancing loans to its highest level since July 2013, and is also the biggest jump seen since the height of the Great Recession. Demand for purchase loans increased dramatically last week, as well, as a gauge of purchase loan applications rose 23.6 percent to its highest reading since September 2013.