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Wednesday, October 6, 2010

17% Increase in FHA purchases

This was of the MBA survey of mortgage applications.  FHA rules changed on Oct. 4, making loan qualification a little tougher so I think that's why we increase in the FHA loans.

Now, this sounds like a come back in housing, about 80% of mortgage applications are for refinancing of current mortgages.

In four-week moving averages, the seasonally adjusted market index is down 3%, the purchase index is up 2% and the refinance index is down 4.2%. Refinancings accounted for 78.9% of all mortgage applications last week, down from 80.7% the week earlier.
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