MBA: Mortgage App's Increase
A: Never forget that media outlets take on housing is lagging since articles are based on data collected in the previous weeks or months of the housing industry. I've already spoken on the need for a Buyer Confidence Index to get a more real-time assessment of the current state of the housing industry for local markets. Nevertheless, the MBA reported today that U.S. mortgage applications increased for the first time in 4 weeks!
The article goes on to say:
U.S. mortgage applications increased for the first time in four weeks as a rebound in demand for loans to purchase homes more than offset a decline in refinancing, an industry trade group said Wednesday. The MBA's seasonally adjusted purchase mortgage index -- considered a timely gauge on U.S. home sales -- rose 4.3 percent to 408.7 from the previous week's 391.7, which was its lowest level in more than two years.
Recall that UrbanDigs.com reported on the surge in mortgage activity on February 1st, as Steven Maasbach of Manhattan Mortgage Company (who does a weekly Mortgage Report here on UrbanDigs) spoke of seeing mortgage applications double in the past few weeks.
If you want to stay ahead of the game, especially for housing in New York City, be sure to check back here for future updates on mortgage app's filed by Steven Maasbach and OH activity reports by Brian Legum.
~ MBA: Mortgage Applications Increase
