Mortgage Applications Up Another 8.3 Percent Last Week

The Mortgage Bankers Association reported today that due to lowering interest rates more homeowners have been seeking refinance mortgages.

The report said that its seasonally adjusted index of refinance applications went up by 16.9 percent in the week ending January 18th, which is the highest level since March 2004. Refinances accounted for two thirds of all applications, which is up from the 53.9 percent reported from last weeks mortgage applications.

“It is clear that borrowers are responding to the 40-80 basis point drop in rates we have seen since Nov. 2 across” mortgage products, Jay Brinkmann, vice president of research and economics at the MBA, said in a statement.

To read more about US mortgage applications jump on refinancings head on over to Reuters.