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Mortgage applications spike after Fed action

U.S. mortgage applications jumped by nearly 50 percent last week as home loan rates fell after the Federal Reserve cut interest rates and took steps to restore bond market confidence, an industry trade group said on Wednesday.

The Mortgage Bankers Association's mortgage applications index jumped 48.1 percent to a seasonally adjusted 965.9 in the week ended March 21, its highest level since early February.

An 82 percent surge in refinancing applications overshadowed a 10.6 percent rise in home purchase loan requests, lifting total applications from the previous week, when home loan demand sank to the lowest since end-December.

"The Federal Reserve acted last week to bring some stability to the mortgage-backed securities market and we saw an immediate impact with a drop in mortgage rates," Jay Brinkmann, the MBA's vice president of research and economics, said in a release.

Economy - Wednesday

U.S. mortgage applications soar

The Mortgage Bankers Association's index of applications jumped 48.1% last week to 965.9, the highest since early Feb. Refinancings spiked 82% as borrowing costs fell and homeowners scrambled to get out of adjustable-rate loans. Home purchase applications rose 10.6%. Average 30-year home loan rates fell 0.24 percentage point 15 5.74%, the lowest since early Feb.

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