Mortgage applications rose last week after dipping to a 13-year low in late 2013, according to data from the Mortgage Bankers Association (MBA).
The data for these applications includes refinancing and home purchases, and went up by 4.7% by the second week in January. Although this is a seasonally adjusted figure, the underlying data suggests that demand for refinancing is increasing and applications for home purchases dropped slightly.
Hopefully this will not be a trend as applications for home purchases is a leading indicator of future home buying activity. With the Federal Reserve tapering its bond buying program this year and mortgage rates falling in January, we are hoping that this will lead to home buying activity picking up again to achieve another strong year for the housing rebound.
Source: The Wall Street Journal (Jan 22, 2014)
No comments:
Post a Comment