Loan Applications Rise 7% for Home Purchases

Home purchase mortgage applications last week have risen 7.2 percent. This is the highest level since  December 2, 2011 the Mortgage Bankers Association reports.

They said 'Applications for to buy a home picked up last week, and are running more than two percent above the leve reported at this time last year,' says MBa'S VP of research and economics.

He also said loan application for home buying from conventional loans are ten percent higher than last year. What also increased by ten percent was purchase and refinance applications for government loans. They believe this was caused by borrowers seeking to apply before the scheduled increases in insurance premiums at the start of April.

Overall, mortgage applications for purchase and refinancing increased 4.8 percent last week, and applications for refinancing increased 4 percent from the previous week. this increase is the first increase in six weeks of consecutive declines.

Let's hope this is the start of a popular long-term trend!

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