US Mortgage Applications Rise in Week Ending Jan 14 2011

The second week in the new year saw a slight increase in the number of US mortgage applications as mortgage rates dipped to the lowest level so far this year

But there is still no confidence in the housing market sector as showcased by The International Business Times – quote – “Mortgage rates have moved somewhat lower since the beginning of the year, as mixed data on the job market continue to cloud the outlook for the economy,” MBA’s Vice President of Research and Economics Michael Fratantoni said.

“Refinance applications have picked up, as borrowers take advantage of lower rates, but purchase applications remain quite low, indicating that home sales are unlikely to pick up any time soon.”

The survey showed refinance index rose 7.7 percent from the previous week, marking the third consecutive weekly increase in refinance applications.

β€˜It will take much more than these type of snippets of minor positives to get the Housing Market back on track!’

Peruse the news clip here

Leave a Reply