Mortgage Application Rise; Market Shows Signs of Stabilizing
Mortgage News from Quicken Loans
Bolstered by long-term rates that remain at very favorable levels, the latest Market Composite Index, released today by the Mortgage Bankers Association (MBA), shows that mortgage activity increased last week.
The Index, which measures and compares mortgage loan application volume from week to week, reported overall mortgage activity -- both purchases and refinances -- increased 3.6 percent for the week ending December 29. The report showed that refinance activity was up 2.2 percent, while purchases saw a 4.3 percent gain.
Quicken Loans Chief Economist Bob Walters says this is just the latest in a series of reports showing the real estate sector may be displaying signs of a rebound.
"Despite the shortened holiday week, where many consumers were focused on things other than mortgages, purchase and refinancing activity remained strong," said Walters. "The increase in mortgage applications, paired with the recent encouraging new and existing home sales reports, point to a stabilization of the housing market."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
