Mortgage Applications Surge
Applications for mortgages jumped last week to their highest level since late May, as first-time home buyers rushed to get their houses before the $8,000 tax credit expires in late November and refinancers took advantage of low interest rates.
The seasonally adjusted index of mortgage applications jumped 17 percent last week, the Mortgage Bankers Association reported in numbers released this morning.
Coupled with a rise in pending home sales, the mortgage-application boost is an encouraging sign for those who seek a bottom to the U.S. housing market.
At the same time, the U.S. unemployment rate sits at 9.7 percent and probably will go higher, which will blunt any lasting recovery in the housing market.
-- Frank Ahrens
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September 9, 2009; 9:13 AM ET
Categories: The Ticker | Tags: Mortgage Brokers Association, mortgage applications
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