According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for home loans was flat last week, with the Market Composite Index dipping just 1.0 percent after surging 7.5 percent the week before. The drop was caused by declines in the Purchase Index, while the Refinance Index increased 0.8 percent. The refinance share of all mortgage activity was 81.1 percent. The average loan size in January was $226,000, up from $225,000 in December 2011 and $207,000 a year ago. Also, average mortgage rates rose, with the interest rate for 30-year fixed-rate mortgages increasing to 4.08 percent from 4.05 percent the week before. The average 30-year rate for jumbo loans was 4.30 percent. More here.
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