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.
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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.