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Loan Requests Rise Despite Rate Increase

Mortgage News > Loan Requests Rise Despite Rate Increase
Date: 08/21/2013    Loan Requests Rise Despite Rate Increase

A 1.2 percent rise in loan requests was reported by the Mortgage Bankers Association (MBA) for home purchases compared to the week prior; evidence that while rates may be rising from where they were potential homebuyers are willing to take advantage of still historically low interest rates.

Mortgage applications dropped 4.6 percent at the close of the business week last week.

The average interest rate for a 30-year mortgage rose to 4.68.

The refinancing index has dropped as well, reflecting a 7.7 drop last week.
 

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