Mortgage volume weakens as refinancing drops
February 21, 2011 - The latest measure of mortgage applications showed slow relocation activity combined with a steady drop in the number of consumers refinancing their loans.
According to the Mortgage Bankers Association, mortgage activity of all types declined during the week ending February 11, primarily because mortgage rates fell only a small amount. Refinance applications dropped 11.4 percent from the previous week, while purchase loans were down 5.9 percent over that same time period. Overall, mortgage volume declined 9.5 percent.
Experts said severe winter storms forced many people to put off their moving plans for a few weeks. Additionally, climbing mortgage rates gave many consumers pause.
"Buyers have not returned to the market as rising rates have reduced affordability, to some extent," explained Michael Fratantoni, vice president of research and economics for the MBA.
The report added the average interest on 30-year fixed-rate mortgages was 5.12 percent.
Freddie Mac's primary mortgage survey gave a similar outlook for mortgage rates, which despite rising, remain fairly affordable. According to the mortgage giant, the average interest on 30-year loans was 5.05 percent, while 15-year mortgages averaged 4.27 percent.
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