Mortgage and Home Loan News

Mortgage applications rose 21% last week, reaching their highest level in nearly six weeks according to data released by the Mortgage Bankers Association. Refinances were the most prevalent contributor to the gain, rising 26.3%, while purchase loan requests rose a more modest 10.3%. Many are optimistic that the Spring selling season could be surprisingly strong. full story

According to the Mortgage Bankers Association, mortgage applications rose 21% last week, reaching its highest level in nearly six weeks. Refinances were the most prevalent contributor to the gain, rising 26.3%, while purchase loan requests rose a more modest 10.3%. full story

January's ISM manufacturing index reached its highest level in five years, rising to 58.4% from the 54.9% noted for December. Any reading over 50 indicates a growing economy. Economic activity in the manufacturing sector has been on the rise for the past six months. Thirteen of the eighteen districts in the Tempe, AZ based ISM were growing in January, up from the nine in December. full story

The confirmation hearings of Ben Bernanke and a surprisingly strong fourth quarter GDP dominated markets last week. Fed Chair Bernanke was reconfirmed by the Senate, but with the smallest number of votes in the Fed's history. This may foreshadow some interesting battles ahead for monetary policy in the US in coming months. full story

Though it is difficult to see past the wake of the recession, there may actually be one advantage to the rebounding market, and that's the historically low interest rates! In addition to being an opportune time to purchase a home, it may also be an ideal time for existing homeowners to consider refinancing to a lower rate. full story