Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  April 6, 2011  |   Borrowers Rush to Secure Gov't-Backed Loans
Purchase applications for mortgages increased 6.7 percent last week, reaching its highest level of the year, according to the Mortgage Bankers Association.

The MBA reports that government loan applications reached their highest level since May 2010, increasing 10.3 percent last week compared to the week prior.

Michael Fratantoni, MBA vice president of research and economics, attributes the surge to borrowers who were likely motivated to apply for government loans before a scheduled increase in FHA insurance premiums, which became effective last Friday.

Despite the sharp rise, however, purchase volume in mortgage applications still remains relatively low by historical standards, at levels last seen in 1997, Fratantoni adds.

Also, while purchase applications soared last week, applications for refinancing declined 6.2 percent last week, the lowest level since February.

Source: “Apps for Government-Backed Mortgages Surge Ahead of FHA Premium Hikes,” The Real Deal Online (April 6, 2011)





Browse all of today's news
E-mail this page to a friend
Give us feedback


Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!