MORTGAGE LOAN APPS JUMP 3.4 PERCENT

MORTGAGE LOAN APPS JUMP 3.4 PERCENT


Mortgage loan applications increased 3.4 percent to 687.7 for the week ending Aug. 10 compared with the previous week, according to the Mortgage Bankers Association's (MBA) most recent survey.



"Recent upheavals in the mortgage industry may be temporarily increasing the level of retail application activity at the large lenders that participate in the MBA survey rather than representing a system-wide increase," said Doug Duncan, MBA's chief economist.



The refinancing sector claimed 39.9 percent share of all mortgage activity, while adjustable rate-mortgage (ARM) products saw a dip in volume to 21 percent from 22.5 percent of total applications for the week ending Aug. 10. compared with week before.



http://www.mortgagebankers.org/NewsandMedia/PressCenter/56113.htm