Low Long-term Interest Rates Push Home Purchases Higher

Mortgage News from Quicken Loans

Last week, overall mortgage activity dipped nationally despite long-term interest rates remaining at their lowest levels in 2006.

This morning the Mortgage Bankers Association (MBA) reported that for the week ending Nov. 24, the Market Composite Index, the Association's weekly measurement of mortgage loan application volume, decreased by 3.9 percent overall. The report showed that while refinance activity decreased 9.6 percent, purchase activity was up 1.3 percent from the prior week.

Bob Walters, chief economist of Quicken Loans, says market conditions are creating an ideal purchase scenario for first-time home buyers.

"As we enter the holiday season, consumers are undoubtedly taking advantage of today's low interest rates to leverage a favorable real estate market," said Walters. "As the housing sector continues to favor the buyer, and interest rates remain at their lows for the year, now is an ideal time for first-time home buyers to get into the market."

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Low Long-term Interest Rates Push Home Purchases Higher

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