Good news from JSOnline!

This is news I like to see! Rates are down and applications are up! I am sure that the vast majority of the application are re-fi's but I am sure there are more than just a few buyers in that group.

Mortgages rates drop . . .  Rates on 30-year mortgages fell to a record low for the third straight week. With the Federal Reserve on the verge of pouring hundreds of billions of dollars into the devastated U.S. housing market, mortgage rates have plunged to the lowest level since Freddie Mac started tracking the data in April 1971. Low rates are a great opportunity for borrowers with solid credit and plenty of equity in their homes.

. . . applications rise . . .  Mortgage applications last week remained at the highest level in more than five years, the Mortgage Bankers Association said. The trade group's weekly application index was essentially unchanged for the week ending Dec. 26. Applications surged last month to the highest level since July 2003, when refinancing activity boomed at the peak of the housing market.

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