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October 3, 2012

Mortgage applications take enormous 16.6 percent weekly jump

by Rylan Stewart
Real estate for sale

Spurred by record low rates, mortgage applications jumped 16.6 percent for the September 28 week, according to the Mortgage Bankers Association. Applications for refinance hit a three-year high, up 20 percent from the previous week. Purchase applications rose 4.0 percent.

The increase in activity came as mortgage rates continued dips to fresh record lows, influenced by downward pressure from the Federal Reserve’s latest Quantitative Easing program.

[RELATED: How will QE3 affect mortgage rates? Expect downward pressure]

The Mortgage Bankers Association tracks mortgage applications for 75 percent of U.S. retail residential mortgage applications.

 

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Central Coast Lending is a California mortgage brokerage based in San Luis Obispo County. With offices in San Luis Obispo, Morro Bay, Paso Robles, and Arroyo Grande, Central Coast Lending is the top source for Central Coast mortgage, real estate, and home loan needs. To see why using a broker offers lower rates and superior service, click HERE. For a free, hassle-free online pre-qualification click HERE or call 805.543.LOAN to talk to one of our expert loan officers.

 

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