Refinance Rates, Refinance Programs, Refinance Payments

Both refinance and purchase applications increased last week according to the latest Market Composite Index, released today by the Mortgage Bankers Association (MBA).

The Index, which measures and compares mortgage loan application volume from week to week, reported overall mortgage activity--both purchases and refinances--increased 3.2 percent for the week ending January 26. The report showed that refinance activity was up 4.9 percent, while purchases increased by 1.3 percent.

"After last week's dip in mortgage activity, applications have rebounded, further adding to the thought that the real estate market has hit bottom and starting to show signs of stabilization," said Bob Walters, chief economist for Loans. "We fully expect to see some growth in the coming months as long-term interest rates remain at favorable levels and home sellers continue to provide concessions to move their homes off the market."

Publish Date: 01/31/2007