Mortgage applications climb even before latest rate cut
As I predicted last week, the latest figures from the Mortgage Bankers Association show an increase in mortgage applications of 3.8% primarily driven by a 9.2% increase in refinancing of loans. Refis now make up half of all mortgage applications and this proportion may increase as rates continue to come down. This news shows that even with the problems facing the housing market, mortgage company revenues will be supported by the income from refinancing loans. You can read more about this and other topics in the mortgage industry by taking a look at this blog called Housingwire – written by Paul Jackson.
