Mortgage Applications Jump During Holiday Week
Mortgage News from Quicken Loans
Mortgage activity surged during the holiday-shortened Labor Day week, according to the Mortgage Bankers Association (MBA). The MBA's weekly survey to determine how many Americans are applying for a loan to purchase a home or refinance an existing mortgage shows mortgage activity increased 5.5 percent last week, as compared to the week prior.
Consumers applied to refinance their mortgages at a 6 percent greater rate than the week prior and took steps to get a mortgage to purchase a home at a 5.2 percent greater rate.
Quicken Loans Chief Economist Bob Walters says the survey may indicate consumers are now realizing if they have the right qualifications, home financing is still obtainable.
"Turbulent times in the mortgage industry have lead to tighter lending standards, but consumers with decent credit and verifiable income still have many financing choices available, and at rates that are still quite low," says Walters. "Also, the Federal Reserve's announcement next week is widely expected to result in lower short-term interest rates, so we can expect to see increased mortgage activity in the months ahead."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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