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WASHINGTON (MNI) - The Mortgage Bankers Association Wednesday reported a
very large surge in mortgage activity in the March 29 week, with activity up
18.6% on a further decline in mortgage rates.
Here are some of the key features of the report:
- The Refinance Index jumped by 39% to a three-year high, while the
Purchase Index rose by 3%, indicating a preference by existing home owners to
take advantage of falling mortgage rates to make updates to their current homes.
- The 30-year average rate for a 30-year fixed mortgage fell to 4.36% in
the current week from 4.45% in the previous week. There were declines for jumbo,
FHA, and 15-year mortgages as well.
- The unadjusted purchasing index was up 10% from a year earlier, so there
has been clear improvement.
- The average size of new loans fell slightly, which the MBA said was a
sign that first-time home buyers are more active in the market.
--MNI Washington Bureau; tel: +1 202-371-2121; email: email@example.com