This weekly MBA mortgage application survey showed a 12% jump overall, with refinances increasing 11% and purchases increasing 12%. Quicken Loans vice president Bill Banfield offers the following comments on the report.
“We saw a significant jump this week in mortgage applications for both purchases and refinances as consumers internalize the idea that rates are likely to rise overall this year. Those still on the fence should take action quickly, as mortgages are expected to get pricier overall, not only because of these probable increases in rates, but also guarantee fees, which were already delayed by the FHFA at the beginning of the year.”
If you would like to talk to someone at Quicken Loans about today’s report or anything in the mortgage market, please contact us.