Wow, Mortgage applications surged to the highest level in over five years!!

This has to be good news. People either want to buy. Which we need. Or they are trying to stop foreclosures by refinancing. Which we need.

According to the MBA , potential borrowers came out in droves to refinance as government interventions helped push interest rates down to record lows, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended December 19 soared 48.0 percent to 1,245.4, the highest reading since the week ended July 18, 2003, when it reached 1,284.3.