Refinance Activity Boosts Mortgage Application Volume
Just one week after sliding nearly 25 percent, mortgage application volume shot sharply higher, according to the latest survey from the MBA.
On a seasonally adjusted basis, home loan apps increased a whopping 45.7 percent for the week ending February 13.
On an unadjusted basis, apps jumped 47.7 percent compared to one week earlier, and were up 5.2 percent compared to the same week a year ago.
Mortgage Activity Surging at Wells Fargo
Wells Fargo saw its shares pop today after reporting a $2.55 billion fourth-quarter loss as it took significant “de-risking” measures and Wachovia merger-related hits.
For all of 2008, the company reported net income of $2.84 billion on record revenue of $42.23 billion, a seven percent increase from 2007.
In an effort to “de-risk,” Wells Fargo took $37.2 billion in credit write-downs Read more
Very Low Mortgage Rates and Stronger Purchase Activity Drive Mortgage Applications Up
Last week, the number of Americans applying for mortgages increased slightly over the previous week, according to a report released today by the Mortgage Bankers Association (MBA).
The Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending November 21 mortgage activity increased 1.5% from the previous week’s numbers. The number of refinance applications posted a Read more
Mortgage Loan Activity Drops 20.3%
The number of Americans seeking a mortgage to purchase a home or refinance an existing loan fell more than 20% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA).
Applications for a mortgage to purchase a home fell 13.9% while refinance applications fell 27.8%.
Chief Economist Bob Walters of the nation’s largest online lender, Quicken Loans, says the decrease is reflective Read more