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Mortgage and real estate activity continue to provide good news overall for the industry.
According to the Mortgage Bankers Association, its index that measures mortgage loan application volume rose 16.4 percent last week. Applications to refinance existing mortgages were also said to increase 18.2 percent in the past week, with interest rates having now spent three consecutive weeks below 5 percent.
Refinancing efforts were said to account for 66.3 percent of all applications, while adjustable rate mortgages now account for 6.1 percent of total applications.
The National Association of Realtors provided additional cause for optimism about the real estate market with its report that pending home sales have now increased for seven consecutive months, marking the most significant momentum since at least 2001.
Lawrence Yun, the chief economist of the NAR, suggested that much of the recent activity could be due to homeowners rushing to close deals since the popular $8,000 tax credit for first time buyers is due to expire at the November. The real estate industry has been urging Congress to extend the credit in order to help further the market's recent gains as well as to benefit the overall economy.
By Bill Laforme
Real estate activity shows strength in recent weeks
Mortgage and real estate activity continue to provide good news overall for the industry. According to the Mortgage Bankers Association, its index that measures mortgage loan application volume rose 16.4 percent last week. Applications to refinance existing mortgages were also said to increase 18.2 percent in the past week, with interest rates having now spent three consecutive weeks below 5 percent.
Refinancing efforts were said to account for 66.3 percent of all applications, while adjustable rate mortgages now account for 6.1 percent of total applications.
The National Association of Realtors provided additional cause for optimism about the real estate market with its report that pending home sales have now increased for seven consecutive months, marking the most significant momentum since at least 2001.
Lawrence Yun, the chief economist of the NAR, suggested that much of the recent activity could be due to homeowners rushing to close deals since the popular $8,000 tax credit for first time buyers is due to expire at the November. The real estate industry has been urging Congress to extend the credit in order to help further the market's recent gains as well as to benefit the overall economy.
By Bill Laforme
