With interest rates as historic lows coupled with a couple of rate reductions as well as a buyers market it is a great combination for success as the Mortgage Bankers Association reports an increase in loan applications over last years figures.
The reasons are not quite as clear cut as is always the case in these situations. Despite many people looking at taking out a mortgage to purchase a home in this great market, there are those who are looking to refinance to a new interest rate. Both however may have filled in more loan applications than before due to tightened lending criteria and as such the figures may be slightly skewed in places.
Additionally the National Association of Realtors has reported a mild increase in pending home sales at 0.2% in September.
This does make to look an interesting picture and one that will be watched closely in the coming months.
