Mortgage Applications on the Rise

Mortgage Applications on the Rise

Mortgage Apps are on the Rise as Rates Drift Lower Mortgage loan activity posted a third straight gain during the week ended January 20. The Mortgage Brokers Association (MBA) said its Market Composite Index increased 7.0 percent on a seasonally adjusted basis from one week earlier and rose 1 percent on an unadjusted basis. The seasonally adjusted Purchase Index gained 3 percent and was 1 percent higher on an unadjusted basis. Activity was 39 percent lower than the same week one year ago. "Mortgage rates declined for the third straight week, which is good news for potential homebuyers looking ahead to the spring homebuying season. Does this mean the bottom of the housing recession? Not enough information is in to make that call yet.

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