Mortgage Applications See Slight Gain
Mortgage News from Quicken Loans
The Mortgage Bankers Association announced this morning that applications for mortgage loans increased 1.3 percent last week when compared to the week prior.
The report showed the Purchase Index rose 0.4 percent and the Refinance Index increased 2.3 percent from the previous week.
Quicken Loans Chief Economist Bob Walters says although mortgage standards have tightened, positive financing opportunities are still available for those who qualify.
"As lending standards continue to tighten, many consumers -- fearing even tighter restrictions in the coming weeks -- are rushing to apply for mortgages," Walters said. "Despite the cloud of negative mortgage news, consumers with decent credit who can document their income and assets are getting financing at very favorable rates, especially those refinancing out of adjustable-rate mortgages and into a fixed-rate programs."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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