Mortgage Applications Rise
Mortgage News from Quicken Loans
The Mortgage Bankers Association announced this morning that applications for mortgage loans increased 6.6 percent last week when compared to the week prior.
The report showed the Purchase Index rose 7.2 percent and the Refinance Index increased 5.6 percent from the previous week.
Quicken Loans Chief Economist Bob Walters says he expects to see continued strength in mortgage activity throughout the summer months provided long-term interest rates remain at their current levels.
"As could be predicted, housing seems to be gaining some momentum as we enter the warmer months. The increase in mortgage activity comes at a time when many home sellers are offering concessions to help sell their homes in a tough real estate market," said Walters. "Last week, consumers also continued to take advantage of low fixed rates, many refinancing out of their adjustable rate mortgages prior to costly resets."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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