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September 9, 2013

House Financing Requests Rise with Rates Up and Down

Category: Mortgage Rate News – admin – 11:04 am

As the housing market improves we have seen the demand rise again for home purchase loans. Yes interest rates have been rising but people need loans in order to buy properties across the U.S. Applications for U.S. home loans increased for the 1st time in the last month as mortgage interest rates dropped from their highest level this year.

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The Mortgage Bankers Association said its seasonally adjusted index of residential loan application activity, which includes both refinancing and home purchase demand, rose 1.3% in the week ended August 30th, after sliding 2.5% the prior week. The rise came as 30-year mortgage rates fell to 4.73% versus 4.80% the prior week, which was its highest this year, according to MBA data. Borrowing costs, however, have climbed by more than a percentage point since late May on the view that the Federal Reserve will soon reduce its monthly bond purchases, which have kept a ceiling on rates.

A sign that rising mortgage rates have taken some steam out of America’s housing market recovery was reflected in a separate report last week that showed contracts to purchase previously owned U.S. homes fell for the 2nd straight month in July. Economists largely expect the Fed to announce a pull back at its policy meeting later this month, though some say the central bank will think twice about higher long-term interest rates if there is evidence that they are making a significant impact on housing.  Read the original article now.

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