Refinance Demand Stabilizes as Mortgage Rates Rebound

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 11th, 2011.

"Ongoing turmoil in the Middle East brought interest rates lower last week.  Borrowers took advantage of these lower rates, bringing application activity back near levels from two weeks ago, following sharp declines last week," said Michael Fratantoni, MBA's Vice President of Research and Economics.

The Market Composite Index, a measure of mortgage loan application volume, increased 13.2 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 14.8 percent compared with the previous week.

The Refinance Index increased 17.8 percent from the previous week.   The four week moving average is up 1.8 percent. The refinance share of mortgage activity increased to 65.7 percent of total applications from 64.0 percent the previous week.

The seasonally adjusted Purchase Index increased 5.1 percent from one week earlier. The unadjusted Purchase Index increased 9.6 percent compared with the previous week and was 6.9 percent lower than the same week one year ago.  The four week moving average is up 1.6 percent for the seasonally adjusted Purchase Index.

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Source: http://www.mortgagenewsdaily.com/02232011_mba_applications.asp

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