Mortgage applications in the United States have increased significantly from previous months.
Wired PR News – The demand for home loans has reportedly increased, showing possible signs of recovery for the housing market. As reported by Reuters, the Mortgage Bankers Association stated Wednesday that the number of mortgage applications in the U.S. has risen after a seven month low.
Reasons for the increase may include a rush by borrowers to take advantage of lower mortgage rates. The demand for refinancing is also stated to have increased, with the Association’s refinancing index showing a 5.9 percent rise last week.
Keith Hembre, First American Funds analyst, is quoted in the report as having stated earlier in the week, “In terms of home sales and building activity, we’ve probably reached a bottom… But it’s highly unlikely there will be a sharp recovery from here.” However, homes sales were reportedly higher in May.
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