Mortgage Applications Rise on Low Long-Term Rates

Mortgage News from Quicken Loans

This morning the Mortgage Bankers Association reported that for the week ending Nov. 10, the Market Composite Index, the association's weekly measurement of mortgage loan application volume, increased 4.3 percent.

"For the second consecutive week, mortgage applications have seen a significant rise, fueled by favorable long-term interest rates," said Quicken Loans Chief Economist Bob Walters. "Many consumers are taking advantage of these low rates to move out of their ARMs before their rate resets, creating a refinance boom that we expect to sustain itself for some time."

Today's report showed that refinance activity increased 6.5 percent, while purchase activity also rose 2.7 percent from one week earlier.

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Mortgage Applications Rise on Low Long-Term Rates

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