Good news as U.S. mortgage applications surged last week

By
Real Estate Agent with Windermere

Good news as U.S. mortgage applications surged last week. Demand rose to its highest level since late-May. Consumers take advantage of the lowest interest rates in months, data from an industry group showed on Wednesday.

Home refinancing loans still dominated demand, the trend for applications to buy a home, a tentative early indicator of sales, hit its highest level since early January.  

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Sept 4 increased 17.0 percent to 648.3, the highest level since the week ended May 29.

Also the Bellevue, Kirkland, Redmond Markets remain strong as sales continue to climb and prices remain low with short sales and foreclosures setting the bar very low.

Months of inventory for Bellevue, Kirkland Redmond:

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Rainmaker
155,925
Melissa Polce
ERA, Wilkinson Real Estate Charlotte - Huntersville, NC
Lake to Land, I've Got It Covered!

But my question is, are these applications for distressed and foreclsoed properties, ones $150k or under?  Some new construction as well? How many jumbo?(probably not many) at least you are busy!

Sep 09, 2009 12:56 AM #1
Rainmaker
3,799,086
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

It looks like the applications are a mixed bag and at least they are being made. We are busy and seeing buyers letting go of their money as they see the low interest rates and prices of homes. Some are still fence sitters and may never take the plunge!

Sep 09, 2009 01:00 AM #2
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Bill Blanchard

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