Purchases And Refinances Increase, Defying Seasonally Slow Trend

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Today's Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that for the week ending Jan. 20, the Market Composite Index, which measures mortgage loan application volume, increased 7.7 percent on a seasonally adjusted basis from the week before. The seasonally-adjusted Purchase Index increased by 6.7 percent to 473.7 from 443.9 the previous week. Refinance activity, according to the Refinance Index, increased 7.8 percent."Long-term rates have steadily declined since November, and while the winter months are typically slower, these lower long-term rates are expected to stimulate both home buying and refinancing in the coming months," said Bob Walters, chief economist, Quicken Loans, the nation's largest online lender. "The trend toward refinancing out of short-term adjustable rate programs to long-term fixed-rate programs continues, and we are seeing an increasing post-holiday trend toward homeowners taking cash from their homes to consolidate debt."  Mortgage News Home Current Headlines Next Article  Refinancing | Home Loans | Home Equity Loans | My Quicken Loans Login Mortgage News | Mortgage Rates | Mortgage Calculators | Apply Online About Us | Careers | Contact Us | Feedback | Site Map | Help | Search Security and Privacy | Disclosures and Licenses | Terms of Use © 2000 - 2006 Quicken Loans Inc., All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Build 3236 2006-01-25 16:05:12

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