New Consumers Still Enticed into Housing Market
Mortgage News from Quicken Loans
Mortgage loan applications fell, according to the Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending July 14, the Market Composite Index showed applications overall declined 4.6 percent on a seasonally adjusted basis from the previous week.
The Purchase Index and the Refinance Index both saw decreases from the previous week, with purchases down 6.2 percent and refinances down 1.6 percent.
"Overall employment figures are robust and low long-term interest rates continue to entice new consumers into the housing market," said Bob Walters, chief economist of Quicken Loans. "In addition, there is a consistent volume of refinance activity by consumers who are making the move from an ARM to a fixed-rate mortgage to offset higher payments brought on by steadily rising short-term rates."
This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.
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