Purchase Demand Trending Higher. Refinance Apps Decline Again

The Mortgage Bankers Association today released its Weekly Mortgage Applications Survey for the week ending December 3rd, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase...(read more)

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Source: http://www.mortgagenewsdaily.com/12082010_purchase_demand_trending_higher_refinance_apps_decline_again.asp

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