Last week, the number of Americans applying for mortgages decreased from the previous week, according to a report released today by the Mortgage Bankers Association (MBA).
The Market Composite Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending March 27, mortgage activity increased 3 percent from the previous week’s numbers. The number of consumers looking to refinance applications rose 3.7 percent, while applications from those seeking to purchase a home remained practically unchanged.
Bob Walters, chief economist for Quicken Loans, says consumers continue to benefit from today’s historically low interest rates.
“There is no surprise that Americans continued to bargain shop for their mortgages last week, driving mortgage activity modestly higher,” Walters said. “Interest rates are the lowest I have ever seen them, and while credit restrictions remain tight, qualified clients are really benefiting from today’s affordable financing.
“This also comes during a period where we have seen some strengthening in home sales. The million dollar question now becomes will these rates stay low for a long enough period to give the housing recovery some real steam. The answer to that remains to be seen,” Walters added.
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