Fed Raises Short-Term Rates, Purchases Fall

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Mortgage Applications for the week ending January 27 were down 5.1 percent over the previous week, according to today's survey results reported by the Mortgage Bankers Association. Although purchase applications fell off 8.0 percent from a week prior, the Refinance Index was relatively stable, dipping just 1.5 percent."Refinance activity has been elevated the past couple weeks leading up to the Fed's anticipated short-term interest rate hike yesterday," says Bob Walters, chief economist of Quicken Loans, the nation's largest online retail lender. "If, after the next couple days, the market reaction shows that it still believes Bernanke will raise the Fed Funds rate again in March, we will continue to see heightened refinance activity as homeowners protect themselves by moving from adjustable rate to fixed rate mortgages." Quicken Loans closed $16 billion in volume in 2005.  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. Partner sites: Rock Financial | Title Source | Home Loan Benefit Program Real Estate Insiders | Camelot Ventures | Quicken Loans Arena | Cavs.com Build 3270 2006-02-01 11:06:18

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