Mortgage Volume Soars After Thanksgiving

During the week after Thanksgiving, mortgage application volume rose 22.5 percent on a seasonally adjusted basis to 791.8, recovering significantly from a holiday slowdown.
On an unadjusted basis, applications rose 51.5 percent and were up 24.2 percent from the same week in 2006.
The Refinance Index increased 31.9 percent to 2761.3 from 2093.0 the previous week. The refinance share of mortgage activity increased to 56.0 percent of total applications from 51.4 percent the previous week.
These numbers reflect a correction made to the Thanksgiving Week numbers released by the association. The previously reported numbers were too high, making the Thanksgiving week fall off more dramatic than was reported last week.
This week’s rising numbers appear to be at least partially in response to falling interest rates.

  • 30-year fixed-rate mortgages decreased to 5.82 percent from 6.09 percent
  • 15-year fixed-rate mortgages decreased to 5.38 percent from 5.69 percent
  • 1-year ARMs increased to 6.28 percent from 6.24 percent

Source: Mortgage Bankers Association (12/05/2007)

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3 thoughts on “Mortgage Volume Soars After Thanksgiving

  1. Happy to have found your site. Always looking for some good insights on Real Estate.

    Kristy Petrillo
    Live the North Georgia Mountain dream. Mountain views, river front and Lake Blue Ridge homes and land. Rent it out when you’re not there.

  2. Term life insurance can be an inexpensive way to insure your mortgage; it also offers the advantage of naming the beneficiary. Term life also has the option of being able to convert into whole life insurance once the term ends for ongoing coverage without having to reapply. The value remains constant; bank mortgage insurance decreases in value as it will only cover the balance due. Consult with a licensed broker, as well it’s a good idea to go online and compare term life insurance quotes. Remember, bank mortgage insurance is designed to protect the bank, term life insurance is designed to protect you!

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