Mortgage Apps Up for the Week
Bouncing back from the lowest level in more than six years and overcoming a rise in home loan rates, mortgage applications in the U.S. rose after falling for three straight weeks, according to the Mortgage Bankers Association.
The industry group said its seasonally adjusted mortgage application index, boosted by increased demand for both purchase and refinance loans, rose 10.9 percent to 557.1 in the June 6 week.
Thirty-year fixed home loan rates rose 0.07 percentage point to 6.24 percent, the highest since early March.
A year ago the rate stood closer to 6.60 percent.
In the worst U.S. housing market since the Great Depression, some signs are emerging that deep discounts are starting to entice buyers.
Pending sales of existing homes rose in April to the highest level in six months as bargain hunters were drawn in by double-digit price drops in some regions.
Record home foreclosures are dumping additional supply to already burdensome backlogs of unsold houses, increasing choices and depressing prices for buyers that are able to get mortgages from restrictive lenders.
However, the excess of homes and prospects for mounting foreclosures impede chances of a meaningful housing recovery this year, most analysts agree.
Published on June 11, 2008
Are you a retail Agent Looking for a Quote?