Purchase Demand Trending Higher. Refinance Apps Decline Again

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Posted To: MND NewsWire

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: www.mortgagenewsdaily.com