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For the week ending February 9, the Mortgage Bankers Associations' weekly mortgage application survey showed the Market Composite Index, which measures mortgage loan application volume, increased 1.5 percent overall from the previous week. Refinance applications climbed 4.5 percent, while purchase applications saw a slight decline, falling 1.0 percent. Bob Walters, chief economist of Quicken Loans, says he expects to see continued strength in refinance applications as consumers move out of their adjustable rate mortgages. "Falling long-term rates have served to sustain the refinancing boom that has dominated the mortgage landscape for some time," Walters said. "With an approximate $1.5 trillion worth of adjustable rate mortgages resetting in 2007 alone, we expect to see refinance activity remain at a high level through the remainder of the year."
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