Mortgage Applications Increase as Rates Tread Near 5%

by devteam September 9th, 2009 | Share

Demand for mortgage loans and refinancing surged last week, spurred by a drop in mortgage rates, an industry survey said. Purchases also saw the largest weekly gain since early April.

The Mortgage Bankers Association (MBA) said interest rates for a 30-year loan moved down 13 basis points to 5.02% in the week ending September 2, causing demand for total new loan applications to hit their highest level since late May.

The Market Composite Index â€

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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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