Refinance Mortgage Applications Higher - 2007-01-17
The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week concluding January 12. The Market Composite Index, a measure of mortgage loan application volume, was 667.2, a drop of 0.6 percent on a seasonally adjusted basis from 671.1 one week earlier. The Refinance Mortgage Index climbed by 6.3 percent to 2045.8 from 1923.8 the previous week and the seasonally adjusted Purchase Index dropped by 7 percent to 439.7 from 472.8 one week earlier.
Read the full story at Originator Times

Business booms for mortgage brokers - 2007-01-17
With 30-year-fixed mortgage loans steadily dropping in recent months, mortgage companies in the High Desert report that business is strong as homeowners scurry to refinance adjustable-rate loans before unpredictable rates go any higher. McGiffin said residents who opted for an adjustable-rate loan with a two, three and even five year fixed-rate are looking to replace those loans with something providing more stability.
Read the full story at Victorville Daily Press