Mortgage application volume
As mortgage interest rates hit their lowest point of 2011, with an average rate of 4.37 percent on a fixed 30-year loan and the Federal Reserve Board did not announce a hike in rates, the volume of mortgage applications rose last week, according to the Mortgage Bankers Association (MBA).
The MBA reports its seasonally adjusted index of mortgage application activity, which includes both refinancing and loans on home purchases, jumped up 21.7 percent this week over last week.
Refinances accounted for 75.6 percent of total applications this week, according to the MBA, which us up 5.5 percent from the previous week.
Although mortgage application volumes rising is good news as a general economic indicator, the volume of home loan applications is not up which spells stagnant sales correlating with coming weeks.