Deals draw homebuyers into the housing market during holiday week
Mortgage News from Quicken Loans
The number of Americans looking to buy a home increased last week despite it being a holiday week, the Mortgage Bankers Association (MBA) announced today. In its Weekly Mortgage Applications Survey for the week ending, July 6, the MBA found that the Market Composite Index, which measures how many consumers have applied for a mortgage loan, increased 1.1 percent over the previous week.
Mortgage applications to refinance an existing mortgage tapered 3.0 percent from the previous week; however the Purchase Index, measuring applications to buy a home, increased 3.8 percent from one week earlier.
Bob Walters, chief economist of Quicken Loans, says the sheer number of homes currently for sale has created opportunities that many potential homebuyers see as too good to pass up.
"The increase in consumers purchasing homes is welcomed news coming from a holiday-shortened week, and it seems to indicate that people are recognizing the fact that there are deals to be found in the housing market as a result of the current inventory of unsold homes," says Walters. "Homeowners are willing to make concessions to get their homes sold, plus we've seen favorable employment numbers the past two months, so I would expect strong home sales numbers throughout the summer season."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
Find the most up to date real estate news!
Find more mortgage related news! View all our mortgage news.
