Although Hurricane Sandy initially took a huge bite out of the mortgage business in the New York, New Jersey and Connecticut area, applications in those states skyrocketed for the week ending Nov. 9, according to new figures compiled by the Mortgage Bankers Association.
The MBA reported that week-over-week applications in New Jersey doubled, while business in New York and Connecticut jumped by 60%.
Nationwide, new applications rose 12.6% on a sequential basis. During the first week of the hurricane business fell 5%.
Meanwhile, refinancings as a percentage of the business increased to 81% from 80% the week before.
Rates remained low with mortgage bankers offering 30-year conventional FRMs at 3.52% during the week, a slight decline from the week before when the reading was 3.61%.
The MBA says its survey covers over 75% of all retail mortgage lenders in the U.S.