According to the Mortgage Bankers Association’s (MBA) Weekly Index, mortgage applications increased 7.2% for the week ending January 24th, compared to the previous week. This continues the strong start for mortgage applications in 2020. According to the MBA, the Refinance Index increased 8% from the previous week and was 146% higher than the same week last year. In addition, the Purchase Index was up 2% from the previous week and was up 17% from last year.
Overall, it is clear that borrowers are continuing to act on the low interest rate environment we are experiencing. As of the week ending January 24th, the 30-year fixed rate was at its lowest level since November 2016. Going forward, rates are expected to remain in the lower range due to the Fed’s decision on January 29th to maintain interest rates at their current level.
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Sources:
http://bit.ly/37MSBM9
http://bit.ly/2OhdKXc