Business News
Mortgage applications rise as refinancing demand jumps
08:47 AM EDT 8-26-09
By Julie Haviv
NEW YORK (Reuters) - U.S. mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June, data from an industry group showed on Wednesday.
Applications for loans to buy a home, an early indicator of sales, rose slightly, but nevertheless gained for a fourth consecutive week. The trend bodes well for the hard-hit U.S. housing market, which has been showing signs of stabilization.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Aug 21 increased 7.5 percent to 566.4.
Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC, in an interview with Reuters, said that while recent data on home sales and prices point to stabilization, certain consumers are missing from the market....
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