Mortgage applications jump on lower rates MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 Mortgage applications rose seven point four percent in the week ended February 3rd as mortgage rates fell for the fifth week in a row, the Mortgage Bankers Association said, citing its Weekly Mortgage Applications Survey. The average contract interest rate for conforming thirty year mortgages of $726,200 or less slid to six point eighteen percent from six point nineteen percent the week before, while the rate for thirty year fixed-rate mortgages backed by the FHA decreased to six point fourteen from six point eighteen percent.

 At the same time, MBA’s refinance index rose eighteen percent from the week before, as the refinance share of mortgage activity rose to thirty three point nine percent of mortgage applications from thirty one point two percent in the preceding week. The average contract interest rate for thirty year fixed-rate mortgages with jumbo loan balances of more than $726,200 slid to five point ninety six percent from five point ninety nine percent, and the average contract interest rate for a fifteen year fixed-rate mortgage increased to five point sixty four from five point fifty percent.

 “Overall applications remained 58% lower than a year ago, and rates are still significantly higher; however, this week’s results are a step in the right direction,” MBA Vice President and Deputy Chief Economist Joel Kan said in a news release. “Purchase activity that was put on hold last year due to the quick runup in rates is gradually coming back, as rates ease, and housing demand remains strong, driven by supportive demographics and the ongoing strength in the job market.”

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