Mortgage Applications Surge in Latest Survey
Mortgage News from Quicken Loans
Mortgage activity among consumers jumped last week, according to the Mortgage Bankers Association(MBA). The MBA announced this morning that for the week ending August 3, the number of Americans applying for a mortgage to purchase a home or refinance their mortgage grew by 8.1 percent overall from the previous week.
The Purchase Index increased 7.4 percent while the Refinance Index increased 9.1 percent.
Bob Walters, chief economist of Quicken Loans, said while applications were up last week, he expects to see a trend downward in the weeks ahead due to tightening credit.
"It is surprising to see mortgage applications rising given the significant credit tightening currently gripping the market," Walters said. "The credit crunch has squeezed a significant amount of qualified home buyers out, leaving them with no equitable financing options. We can only hope that the financial markets regain their senses in the near term and start making decisions out of fact rather than fear."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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