Mortgage Applications Spike
Mortgage Bankers Association (MBA) says the low interest rates led to mortgage applications climbing by 18 percent on a sequential basis for the week ending June 8, 2012, according to NationalMortgageNews, a rate not seen since April 2009. MHProNews.com has learned the increase is seasonally adjusted. Although refinancings accounted for 79 percent of the applications, up from 78 percent the previous week, business is good for mortgage bankers. The home purchase average size loan increased from April’s $238,135 to $243,733 in May; average refinancing loan size was $226,576 in May, up from $219,664 in April.
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