Rates up as mortgage applications rise - South Florida Business Journal:

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The four-week moving average of purchase activity wasup 4.2 while the refinancing thrust was up 16 percent, accordintg to the ’s survey for the week ende April 3. Real estate analyst Jack McCabe, CEO of Deerfield Beach-base d , reports that mortgage brokers are findingthemselvezs hard-pressed to handle the new demanfd after reducing staff and closinyg offices. He called it a “refi-led because of the historically low rates and said because many in the mortgageindustry don’tf believe it will last, they are not gearinfg back up. Mortgage applications were up 4.9 percent on a week-over-weej basis – and up more than 67 percenr compared to the same week ayear ago.
More than 77 perceng of the applications were for the MBAsurvey said. In typical supply-and-demancd fashion, mortgage rates increased slightly as the demand continued to The 30-year fixed-rate mortgagre averaged 4.73 percent, up from a record low of 4.61 percenft in the previous week. Points remained at 1.03 for 80 perceng loan-to-value mortgages. The 15-year, fixed-rate mortgag was 4.49 percent, up from 4.45 while points dropped to 0.93 from 1.04 in the preceding One-year adjustable-rate mortgages, which make up just 1.5 percentr of all mortgage applications, increased to 6.23 percen t from 6.2 percent previously, with points, includin g origination fee, remaining unchanged at 0.
14 for the The MBA weekly survey, which covers about 50 percenft ofall U.S. retail residential mortgage has been conductedsince 1990. Respondentes include mortgage bankers, commerciakl banks and thrift