Market Update: Mortgage applications rise as refinance volume remains strong

The Mortgage Bankers Association’s Weekly Mortgage Applications Survey reported that mortgage applications applications rose 5 percent last week, with refinance applications also jumping 5 percent. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Projections of declining refinance activity seem to be premature as rates dipped amid the Bank of Japan moving into quantitative easing, causing a rally in the bond market. Look for refinance volume to stay strong driven by historically low rates and aided by the millions of HARP eligible underwater homeowners who still could benefit from refinancing.”

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