Applications to refinance existing home loans pushed overall mortgage applications higher despite a decline in applications to purchase homes according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 17th, 2014.
The decline in last week’s existing home sales was more than double the previous week’s gain leaving sales below the previous year’s levels for the third consecutive week according to the National Home Sales Snapshot released by DataQuick.
Interest rates for fixed mortgages fell for a second consecutive week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending January 23rd, 2014.
The overall housing market remained mostly unchanged from October to November according to the December release of the Obama Administration’s Housing Scorecard but continued to be much improved from a year ago.
Existing home sales rebounded from the previous week but still remained below last year’s levels according to the National Home Sales Snapshot released by DataQuick while home values remained stable.