Mortgage Application Volume Surges After Storm
Washington, DC, Nov. 21, 2012 -- Mortgage application volume rose 12.6% in the week ended November 9, according to the Mortgage Bankers Association.
Following superstorm Sandy, volume in New Jersey more than doubled over the week, while volume in Connecticut and New York increased more than 60%, Mike Fratantoni, MBA's vice president of research and economics, said in a press release.
The index of refinancing applications rose 13.1%, while the gauge of loan requests for home purchases rose 11%.
The refinance share of total mortgage activity rose to 81% of applications from 80%.
Fixed 30-year mortgage rates averaged 3.52%, down from 3.61% the week before.