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Mortgage Demand for Purchases Soars to Yearly High

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Mortgage Demand for Purchases Soars to Yearly High
Article by: Daily Real Estate News (December 05, 2012)

Loan requests for new home purchases hit a new high for the year last week, the Mortgage Bankers Association reports.

Applications for home purchases, viewed as a leading indicator for future home sales, rose for its fourth consecutive week, marking a high point for 2012, the MBA reports.

The MBA’s mortgage application index, which reflects mortgage demand for refinancing and home purchases, rose 4.5 percent for the week ending Nov. 30.

Applications for refinancing also saw a big spike last week, rising 6.1 percent.

Mortgage rates are in record-breaking territory. The 30-year fixed-rate mortgage averaged 3.52 percent last week, down from 3.53 percent the previous week.

Source: Daily Real Estate News (120512), “Mortgage Applications Rose Last Week: MBA,” Reuters (120512); Mortgage Bankers Association | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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