The number of Americans seeking a home mortgage to purchase a home or refinance an existing mortgage increased 5.1% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA).
Applications for a mortgage to purchase a home climbed 0.4% while refinance mortgage applications moved up 12.5%.
Chief Economist Bob Walters of the nation’s largest online lender, Quicken Loans, says the increase indicates a glimmer of hope after weeks of uncertainty on Wall Street.
“Despite the drama and turmoil that has engulfed the world’s financial markets, many consumers remain unfazed and continue to apply for mortgages,” Walters said.
“”Mortgage rates”:/mortgage-rates have crept up, but folks are still taking advantage of affordable housing prices as well as programs like FHA loans, which because of their flexibility, have made it easier for many to refinance out of their rising adjustable-rate mortgages,” Walters added.
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