Mortgage application volume skyrockets |
| BusinessWeek - Jan 16, 2008 |
Mortgage application volume skyrocketed for the second consecutive week, rising 28.4 percent during the week ending Jan. 11, according to the Mortgage Bankers Association's weekly application survey.
The MBA's application index rose to 906.4 from 706 the previous week, which was shortened due to the New Year's holiday. Mortgage volume slows during the winter, which can lead to greater volatility. Application volume jumped 39 percent during the same week a year ago.
Refinance volume rose 43.4 percent, while purchase volume jumped 11.4 percent. Refinance volume accounted for 62.7 percent of total application volume, compared with 57.7 percent the previous week.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
Read Full Article from BusinessWeek
- Posted: 2008-01-16 10:05:57
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