Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  September 9, 2009; 9:13 AM ET
Categories:  The Ticker  | Tags: Mortgage Brokers Association, mortgage applications  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Consumers Slash Debt By Record Amount In July
Next: Markets Open Flat to Slightly Down

Comments

I can always dig a living with my bare hands so to speak. People are digging deep with these mortgages and it's not a living. Go at it.

Posted by: Dermitt | September 9, 2009 9:34 AM | Report abuse

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company