Mortgage Apps Higher After Holiday. Refinances Drive Demand
ByPosted To: MND NewsWire
The Mortgage Banker's Association today released the Weekly Survey on Mortgage Application Activity for the week ending December 4, 2009. The Mortgage Banker's application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates home buying interest is increasing, a positive for the housing industry and economy as a whole. Furthermore, in a low mortgage rate environment, a trend of increased refinance applications implies consumers are seeking out a lower monthly payments which can result in increased disposable income and therefore more money to spend on discretionary items…or just an opportunity…(read more)