Mortgage apps skyrocket in New Year

The number of mortgage applications filed increased by 28.4% for the week ended Jan. 11, compared to the previous week, as the weakening economy has pushed mortgage interest rates down, according to data from the Washington-based Mortgage Bankers Association. The increase brought the index to a reading of 906.4, its highest since the week of April 2, 2004. The week of Jan. 11 was the second consecutive week with a significant increase in the number of filings. The index increased 39% on an unadjusted basis, compared to the same week in 2007. Applications to refinance a mortgage increased 43.4% on a weekly basis for the week ended Jan 11. Meanwhile, purchase loan applications rose by a seasonally adjusted 11.4% compared with the previous week, according to the survey.