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Mortgage applications on the upswing

February 7, 2011 - More people were hiring moving services and relocating to a new home during the week ending January 28, according to a new report from the Mortgage Bankers Association.

The most recent applications report from the organization showed mortgage volume increase significantly from the Martin Luther King holiday week. Applications for purchase mortgages - which relocating families use when buying a new home - increased 9.5 percent on a seasonally adjusted basis from the previous week. Meanwhile, refinance applications shot up 11.7 percent.

Overall, mortgage volume enjoyed an 11.3 percent improvement over the previous week's levels.

"Applications increased this week relative to the holiday week," said Michael Fratantoni, MBA's vice president of research and economics. "Looking over the past two weeks, purchase applications are flat, and refinance applications are down about 5 percent."

Buyers could have been reacting to low mortgage rates - the MBA reported the average interest on a 30-year fixed-rate mortgage was just 4.81 percent.

At the same time, rates aren't expected to stay low for long, meaning buyers may want to hire a professional moving company sooner rather than later. The MBA reported average mortgage rates should climb to 5.3 percent by the end of 2011 and 5.8 percent by next year.
 

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