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Mortgage Applications Rise as Buyers See Potential

January 4, 2007

“Demand for home loans jumped 3.6 percent during the week ending Dec. 29 following two straight weeks of decline, according to the Mortgage Bankers Association. The group’s application index increased, even though interest rates moved higher for the fourth consecutive week. Refinancing applications increased 2.2 percent to 1640.4. Higher borrowing costs took some of the blame for the earlier falloff in loan requests, but the Christmas and New Year’s holidays also may have skewed those numbers.”

As we enter 2007 and exit the normally slower holiday slowdown many buyers are getting loans in place to capatolize on lower home prices. Many buyers who could not afford to purchase are now realizing the opportunity they have to purchase a home at prices not seen since early 2000.

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