They say "the trend is our friend." If that's the case, then the news from the Mortgage Bankers Association should be welcome news. The question is....does 1 week make a trend? We don't have 1 week, we have 2.
Weekly mortgage applications in the United States increased in the week ending Sept. 3, according to data released from the Mortgage Bankers Association (MBA) TODAY!!!!, which reported a 7.5% week-over-week rise in applications.
In the previous week, applications also rose by 0.5%.
The average loan size was $215.6k, compared to previous week's $216.9k.
The average interest rate for a 30-year fixed-rate mortgage moved down to 6.39% from 6.44%.
Interesting info for sure. I hope that the application cycle continues to grow. It'll hopefully encourage the rest of us to stay the course as we try to respond to an economy that hasn't been playing ball with us lately. If we can get another 4 to 6 weeks consecutively, that'd be really hot. We'll see...stay tuned.