Mortgage Applications on the Rise

Mortgage Bankers Association LogoFrom Housingwire and CoreLogic, MHProNews.com learns that the number of mortgage applications filed in the U.S. jumped 4.8 percent for the week ending March 30. The reason, the Mortgage Bankers Association concludes, is more people started the process of buying a home. Refinancing was also on the rise with a 4 percent increase from the previous week “Applications to buy a home picked up last week, and are running more than 2 percent above the level reported at this time last year. Home purchase applications for conventional loans are now about 10 percent above last year’s level,” said Michael Fratantoni, the MBA’s vice president of research and economics. “Applications for government loans increased by more than 10 percent over the week, for both purchase and refinance, likely spurred by borrowers seeking to apply before scheduled increases in FHA mortgage insurance premiums at the beginning of April.”

(Image Credit: Mortgage Bankers Association Logo)

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