Gross Mortgage Applications Up 2.1%: MBA
Mortgage applications increased in two weekly surveys. The Mortgage Bankers Association (MBA) index of gross mortgage applications increased 2.1% on a seasonally adjusted basis from the previous week. Mortgage Maxx’s index of applications that’s adjusted to calculate the number of individuals who apply for mortgages increased 3.9%. Both indices were adjusted for the shortened holiday week. MBA’s refinance index increased 1.7% from the previous week and the purchase index increased 4.1%. Refinance mortgages took a 72.1% share of total applications, up from 71.7% in the week prior. Adjustable-rate mortgages (ARMs) accounted for 4.8% of total applications, down from 5.3% in the previous week. Mortgage Maxx said the recent results are seasonally strong, but projected next week will be the strongest week for the balance of 2009. Write to Austin Kilgore.