Applications for FHA-Backed Mortgages Rise

Applications for FHA-backed mortgages rose in January to 126,835, up 14.9 percent from December and up 22 percent from January 2011, according to the latest Single-Family Outlook report from the FHA.

Applications to refinance a current loan increased to 59,493, a gain of 26.3 percent from December and of 44.5 percent from January of last year; and applications to purchase a home jumped to 61,547, up 7.5 percent from December and up 11.1 percent from January 2011.

The number of seriously delinquent loans insured by the agency rose to 22,762, 3.2 percent higher than in December; and the rate was 9.8 percent in January, up from 9.6 percent in December and up from 8.9 percent in January of last year.

Source: "FHA Applications Jump 15 Percent in January, Delinquencies Keep Climbing," LoanRateUpdate.com (03/05/12)