Mortgage Applications Inch Up Slightly
Mortgage News from Quicken Loans
The latest Market Composite Index, released today by the Mortgage Bankers Association (MBA), showed mortgage activity improved slightly last week.
The Index, which measures and compares mortgage loan application volume from week to week, reported overall mortgage activity - both purchases and refinances, increased 0.9 percent for the week ending July 13. The report showed that refinance activity was up 4.9 percent, while purchases dipped 1.6 percent.
Quicken Loans Chief Economist, Bob Walters, says he expects to see continued strength in refinance activity throughout the year.
"Favorable long-term rates and a positive employment trend have continued to drive refinance activity," Walters said. "With as much as $1.5 trillion in ARMs set to adjust higher this year alone, many consumers continue to find it beneficial to refinance into the security of fixed-rate programs. Because of the sheer number of loans readjusting this year, I expect to see a continued refinance boom."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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