The Mortgage Bankers Association today reported on new applications for the week ending July 30. Applications for both purchasing and refinancing increased for the week, a positive sign that activity in the real estate market may be taking hold. Applications for purchases increased 1.5%, the third straight week of increases, while refinance applications increased 1.3% for an overall increase in the index of 1.3%. Surely, historic low mortgage rates are helping to spur this activity. The index reached new lows last month at the expiration of the Federal Housing Tax Credit and have slowly climbed in the past few weeks. The decrease was anticipated well in advance, while the more recent increases had not been as readily expected.
With rates at historic lows and inventories high, this is truly a great opportunity to purchase. Those not seeking to leave their current homes should consider refinancing, especially those who have not refinanced in the past three years. For more information on purchasing or refinancing, please contact us at firstname.lastname@example.org. You may also visit our website at www.missionmortgage.com for more information about our available programs, request a rate quote, or apply online.