U.S. mortgage applications up
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26/07/2010 7:44:00 PM
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Mortgage applications in the U.S. rose by seven per cent last week from the one prior, which is good news after U.S. home sales dropped by 33 per cent at the end of May.
The Mortgage Bankers' Association (MBA) conducts a survey on 50 per cent of all mortgages each week. It is likely consumers are re-entering the market because of record low mortgage rates.
"As more homeowners locked in to these low rates, the level of refinancing applications increased to a new 13-month high," said MBA vice-president Michael Frantantoni in a press release.
However, property sales are still on the decline, as in June, purchase applications declined by nearly 15 per cent from May.
Currently, the U.S. average 30-year fixed mortgage rate is 4.67 per cent.