Mortgage Applications Increase as Rates Dip

By Kyle Chezum Updated on 1/12/2011

1/12/11

According to the Mortgage Bankers’ Association, total loan application increase 2.2% this past week.  The increase is tied to an unexpected dip in mortgage rates.  This is good news, but it’s the first good news in a while.  The four weeks before this past week saw lower mortgage activity and higher rates.

Unemployment, continued foreclosures, and declining property values continue to keep the housing sector stagnant.  With the past month’s higher rates, refinance activity has slowed as well, though this past week saw an uptick in refinance loans as a result of lower rates.

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