MBA Survey Says Refis Up

According to the Weekly mortgage Applications Survey conducted by the Mortgage Bankers Association, Washington, refinance activity rose 40.7% from 37.2% a week ago."The jump in refinance loans came after a fairy steady drop in rates over the last month," said MBA vice president of research and economics Jay Brinkmann. Interest rates on 30-year fixed mortgages decreased to 5.75% from 5.80% a week prior, 15-year fixed mortgage rates fell to 5.15% from 5.16% during the same time period, and one-year ARM rates increased to 3.95% from 3.85% during the same time period. The market composite index of mortgage loan applications also rose 11.9% from a week prior to 689.4. On an adjusted basis, the index inched up 10.6% in the same time period but fell 5.5% when compared to two weeks ago.