Mortgage Application Demand Sees 2.8% Increase

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications rose 2.8 percent last week from one week earlier. The improvement included a 3 percent increase in refinance activity and a 2 percent gain in the number of buyers looking for loans to buy homes. Joel Kan, MBA’s vice president of economic and industry forecasting, says there are signs that first-time buyers are having more luck in the market. “The higher level of purchase activity last week was driven by more government purchase applications, including a 3.3 percent increase in FHA loans,” Kan said. “With low for-sale inventory keeping home-price appreciation in many markets at record highs, the jump in FHA purchase applications is potentially a sign that more first-time buyers are finding purchase options despite the high prices.” Also in the report, rates saw slight increases last week, except for loans backed by the Federal Housing Administration which fell. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

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