Spring Brings a Rise in Mortgage Activity
Mortgage News from Quicken Loans
Mortgage activity among consumers jumped last week, according to the Mortgage Bankers Association. The association announced this morning that for the week ending May 18, the number of Americans applying for a mortgage to purchase a home or refinance their current mortgage grew by 1.6 percent overall from the previous week.
The Purchase Index increased 1.3 percent while the Refinance Index increased 1.9 percent from the previous week.
Bob Walters, chief economist of Quicken Loans, the nation's largest online lender, says he expects to see continued strength in refinance and purchase applications as we continue into summer.
"It appears the April showers have brought floods of consumers into the mortgage market, looking to both refinance and purchase homes," said Walters. "As was expected, with the recent improvement in the weather, we have seen an increased interest in housing. As we get deeper into the spring season, I would expect to see continued strengthening in both purchase and refinance activity."
Quicken Loans is the nation's largest online retail lender, closing nearly $18 billion in home loans in 2006.
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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