HousingWire.com reports that mortgage applications for new home purchases in March increased by 15% over February, according to the Mortgage Bankers Association’s builder application survey.
Mortgage applications for new home purchases in March increased by 15% over February, the Mortgage Bankers Association’s builder application survey shows.
This bit of good news comes on the heels of news from the MBA that lenders have made a mere $226 billion of mortgages in the first quarter of 2014, which is the lowest amount since 1997 and not even one-third of the pre-crisis, 2006 average pace.
Read the HousingWire.com article: Mortgage activity ticks up in March but at lowest level since 1997.
Trend in Housing and Mortgages Rates is Up
Fortunately, markets don’t go straight up or straight down. The housing market is correcting upward, and mortgage rates are correcting upward with it.
As a result, both housing and mortgage rates are forecast to increase over the next couple of years.
What does that mean for home owners and prospective home buyers? It’s still a great time for you to make a move, if you’ve been waiting to purchase a home or refinance.