Mortgage applications increase after weekly declines
Sep 12 2012 3:36PM
While many housing market factors have been increasing, more prospective buyers of real estate in Los Angeles County and surrounding areas are turning in applications for mortgages.
After weeks of declined activity, the Mortgage Bankers Association's Weekly Mortgage Application Survey for the week ending September 7 shows applications increased 11.1 percent from the previous week, indicating more prospective buyers are taking advantage of improved housing market factors.
On an unadjusted basis, the Index fell 12 percent from the week before, matching the decline of the Refinance Index. Additionally, the seasonally adjusted Purchase Index was up 8 percent from one week earlier, while it fell more than 15 percent on an unadjusted basis.
Current homeowners continue to make up a large amount of application activity, as they seek to either pay less per month or to save more on interest throughout the terms of their mortgage loans. The refinance share of activity was up to 80 percent, after refinances accounted for 79 percent of activity last week.
Prospective buyers of properties in Southern California may have made moves throughout the week as Freddie Mac's most recent Primary Mortgage Market Survey revealed rates fell to near their record low levels for the week ending September 6.