Mortgage Applications on the Rise Last Week

September 15, 2011

Mortgage applications increased 6.3 percent last week compared to one week earlier, as more borrowers took advantage of record-reaching low interest rates.

For the week ending Sept. 9, the purchase index — a gauge for future home buying — increased on a seasonally adjusted basis by 7 percent compared to one week earlier, the Mortgage Bankers Association reported in its weekly mortgage application survey. However, the purchase index is 7.2 percent lower from the same week one year ago.

Meanwhile, the refinance index increased 6 percent from the previous week, ending three consecutive weekly decreases in activity. Still, it is 23.5 percent lower than the same week a year ago. 

By REALTOR® Magazine Daily News

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