The Mortgage Bankers Association reported today that mortgage applications rose 5.9% last week with both the purchase and refinance indices posting gains. See how low rates are helping to keep mortgage volumes high.
Markets are closed today in observance of Thanksgiving. The NYSE, NYSE AMEX and NASDAQ will close trading early (at 1:00 p.m. ET) on Friday, November 23. Quicken Loans wishes everyone a happy and healthy Thanksgiving.
Following yesterday’s stock market rally and the Dow’s 217 point gain, mortgage-backed securities have taken a sizeable drop this morning. A press release from the Federal Reserve indicated the economy is gaining significant power, lessening the need for QE3. Additionally, the release announced that an impressive 15 of 19 banks passed the Fed’s stress test.