The latest Weekly Applications Survey conducted by the Mortgage Bankers Association® finds demand for home purchase is currently up 29 percent higher than for the same period in 2014. Since purchase application demand is widely looked at as a reliable gauge for future home sales, predictions are that we will see a sales bump in the coming months.
The good news was revealed during a week that found loan demand to purchase homes for sale and condos for sale very much flat from the previous week and at the same time mortgage rates rose. Rates for mortgages were higher for all types of loans including conforming and jumbo loans for 30-year fixed rates, FHA backed loans and 15-year fixed rate loans.
Even with the small increase, demand to refinance was higher that the prior week and steered mortgage application demand 1.2 percent above the level from just a week earlier. Experts believe the demand to re-finance was a result of expectations that the Fed may for the first time in nine years, raise interest rates. The hint of an interest rate raise triggered demand in recent weeks.
The MBA weekly survey looks at 75 percent of all mortgage application for residential purchases and has been conducted since 1990.
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