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Economic News

Mortgage application volume up 21.7% should Realtors rejoice?

Mortgage application volume

As mortgage interest rates hit their lowest point of 2011, with an average rate of 4.37 percent on a fixed 30-year loan and the Federal Reserve Board did not announce a hike in rates, the volume of mortgage applications rose last week, according to the Mortgage Bankers Association (MBA).

The MBA reports its seasonally adjusted index of mortgage application activity, which includes both refinancing and loans on home purchases, jumped up 21.7 percent this week over last week.

Refinances accounted for 75.6 percent of total applications this week, according to the MBA, which us up 5.5 percent from the previous week.

Although mortgage application volumes rising is good news as a general economic indicator, the volume of home loan applications is not up which spells stagnant sales correlating with coming weeks.

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Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

21 Comments

21 Comments

  1. Joe Loomer

    August 14, 2011 at 4:38 am

    Learn how to do loan assumptions. Do it now – you'll be the go-to agent come 6% or higher rates in a year or two.

    Navy Chief, Navy Pride

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