Your Economy (No Politics)

[Bullwinkle]

Refinancings power higher weekly mortgage applications
2006-JAN-18


WASHINGTON (AFX) -- The volume of mortgage applications rose 2.2% in the week ended Jan. 13 compared to the prior week, data compiled by the Mortgage Bankers Association show. Also on a seasonally adjusted basis, applications for mortgages to buy homes fell 3%, but this was more than compensated for by 9.9% week-to-week growth in volumes of refinancing applications. Refinancings accounted for 44.0% of total applications, up from 42.2 a week earlier, while adjustable-rate mortgages reached 30.6% from 28.1%. Average contract interest rates for 30- and 15-year fixed-rate mortgages nosed down last week to 6.07% and 5.64%, respectively, from 6.08% and 5.66% in the previous week. One-year ARMs averaged 5.39%, down from 5.42%. The MBA's four-week moving average tracking seasonally adjusted mortgage activity moved up 0.8% through Jan. 13.

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