The Mortgage Bankers Association (MBA) just announced significant increases in home mortgage applications for the week ending on Independence Day. Refinance requests rose by 8.7% and purchase money mortgage applications climbed by 6.7%.
Furthermore, new programs offered by the Federal Housing Administration (FHA) led to an increase in the MBA’s index for government-backed loans by a whopping 19.8% in the same week.
There’s a article about this on CNBC with all of the details, so I won’t go into that here.
But I will say this: More purchase money loans means more people are deciding the time is right to get back into this market. That’s a positive thing, no matter how you slice it.
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