Last Week Saw Rise in Mortgage Applications

Mortgage News from Quicken Loans

Mortgage loan applications rose, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending Aug. 4, the Market Composite Index showed applications overall increased 4.9 percent on a seasonally adjusted basis from the previous week.

The Purchase Index and the Refinance Index both saw increases from the previous week, with purchases up 3.4 percent and refinances up 7.1 percent.

"Refinance activity continues to reflect the trend of homeowners moving from adjustable to fixed-rate mortgages," said Bill Emerson, CEO of Quicken Loans. "Those purchasing homes have benefited from relatively low long-term rates and a buyer's market that has provided plenty of opportunities for negotiating."

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Last Week Saw Rise in Mortgage Applications

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