Mortgage Applications Move Higher
Mortgage News from Quicken Loans
The Mortgage Bankers Association announced this morning that applications for mortgage loans increased 3.4 percent last week when compared to the week prior.
The report showed the Purchase Index rose 3.9 percent and the Refinance Index increased 2.6 percent from the previous week.Quicken Loans Chief Economist Bob Walters says although there has been a lot of news coverage about the mortgage industry recently, favorable financing is still available for qualified consumers.
"Despite all the negative attention the mortgage industry has received over the tightening of credit in recent weeks, the fact remains that the majority of consumers have good credit scores, can document their income and are continuing to find very favorable financing options," said Walters.
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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