Purchase Applications Increase - ReallyGreatRate.com

Purchase Applications Increase

The Mortgage Bankers Association announced this morning that applications for mortgage loans increased by 0.1 percent last week when compared to the week prior.

The report showed the Refinance Index decreased 2.6 percent while the Purchase Index increased 2.0 percent from the previous week.

Quicken Loans Chief Economist, Bob Walters, says the summer home buying season is fueling the slight rise in mortgage activity.

"Homebuyers are definitely taking advantage of the deals available as a result of the current glut of unsold homes," said Walters. "While inventories stay elevated, homeowners are willing to make concessions to get their homes sold, so I would expect strong home sales numbers throughout the summer season."

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Purchase Applications Increase - Mortgage News

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